Walking the tightrope when buying and selling
By Vicki Briggs from the Greater
When the time comes to move on from your current home, the transition can be a tough road to navigate. Knowing when to sell and when to buy can feel like you’re spinning plates, but with the right advice from Vicki Briggs, our Branch Manager at The Entrance, you’ll avoid any broken crockery.
So you’re moving on – perhaps you need more space, or you've decided to trade up, or move away for work or to be closer to family. Whatever the reason, you now find yourself in a situation where you need to sell your current home while trying to finalise the sale of your new one.
I know what you’re thinking – when you bought your first home, it was all so simple. You simply finalised the sale and moved in. But now you've got to make sure that you get the timing right so you’re not leaving yourself vulnerable or without a place to live before you get to move into your new home.
Don’t despair. By following these few simple tips, you’ll be in a much more comfortable position to negotiate your transition.
- Educate Yourself – The great thing about the digital age is the abundance of information freely available on every topic. Check out newspaper and online articles and blogs about buying and selling – there may even be content specifically related to your local area. You should also familiarise yourself with the conditions in your local market. What are houses selling for? What are conditions like for buyers? Comparing properties now will pay off later.
- Know your worth – Before you start looking for the perfect new home, it’s important that you get an idea of how much your current home is worth. Getting a valuation (or two) will give you a price guide to play with so you can start zeroing in on potential new places you can afford. If you want to know your borrowing power, The Greater has a handy calculator that can help.
- Be Ready – In the current housing market, you might find it tough to sell your home first and then start looking for a replacement. Ideally, you should try and position yourself to find a buyer for your current home, and then initiate the sale of your new home within a week or two. However, another option open to you is to find your new place and enter into the contract to buy subject to you selling your existing home. And make sure you speak to an expert in lending when the time comes to buy. At The Greater, we've been helping Australians buy and sell homes for almost 70 years – speak to us today.
- Time to Buy – When you find a buyer for your current place, it can be easy to rush into a decision on your new home due to time pressures. Your new home needs to tick all your boxes – you want to make sure you’ll be comfortable and that all your needs are met. Be certain that the new property solves any problems you experienced in your existing home, and that it will suit you and your family into the future.
Buying and Selling can be a stressful time, but if you are able to keep a level head and negotiate a great deal on the perfect new place, while making sure you get the right deal on your existing home, the sense of satisfaction you’ll feel will be hard to beat.
If you would like some extra advice, or need to speak to an expert in Home Loans, The Greater’s lenders would love to help. We offer a range of quality, flexible Home Loans with competitive rates and have been helping our customers get the best deal on their loan since 1945. When the time is right, get in touch with us online, over the phone or in your nearest branch.