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A tricky dilemma - should you buy or sell first?
To sell first is often seen as the safest option. You’ll know exactly how much you’re going to receive, how much can go towards the next purchase and it tends to be less stressful.
Finance is also easier as you know the figures and any existing home loans and their repayments are not considered.
The downside of selling your home first is that interim accommodation may be required. Depending on the market and expectations of the property you wish to purchase, this could result in delays and increased costs for third party services such as removalists, storage, services connections etc.
Buying a property prior to selling your existing property allows for an easier move. It is, however usually more financially demanding due to the need to support two home loans until the second property has sold. With increased stress, you may become financially strained and accept a lesser offer on your existing property in order to save on loan costs.
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There's a lot to think about when buying a home: perhaps you'd prefer to talk it through with one of our experienced lenders.
