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Buy then sell? Or sell then buy?

BlackbirdIf you’re planning to buy another home and sell your existing one, what should you do first?

Here are some things to consider.

What are your finance options?

If you can cover the loan for the new purchase and your existing mortgage, you’re in a good position. Knowing that you could cover both mortgages – even if it’s for a short period of time – can provide great comfort.

An in-depth analysis of your current financial situation will generally determine what you need to do first.  If you need sale proceeds for your next purchase, you will most likely need to sell your property before you do anything else.  However, if you’re not relying on any proceeds (or you’re weighing up the possibility of renting out your existing home), you might be able to buy a new property now.

How comfortable are you with risk?

Sometimes when properties are moving quickly, clients find themselves committing to a purchase before  their property has sold.  Perhaps you’ve fallen in love with a property and you’re confident that your existing home will sell fast – for the right price.

However, if you buy before you sell… but then can’t sell your existing home for the price you need, you may find yourself in quite a stressful situation.

On the other hand, if you sell your existing home first, there’s always the risk that you’ll have to move out before you’ve found a new one to purchase.

Just make sure you know all your finance and buying options BEFORE you do anything.

To minimise the risks, talk to us today.

 




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