Buying and selling at the same time? Here are our top tips
If one thing’s become apparent in the past couple of years, it’s that people now have a very clear picture of what they want in their home.
As a result, many are looking to sell their current home and purchase another in order to upsize, downsize, right-size or enjoy a lifestyle relocation.
But what happens when you’re buying and selling a property at the same time?
Here are our top tips…
Understand the current market
Regardless of when you’re buying and selling, it’s important to have a solid understanding of what the market is doing in your specific areas of interest.
That’s particularly the case if you happen to be buying and selling at the same time.
This gives you a basic understanding of how long it will take to sell your property, how much it’s likely to go for, competition when it comes to buying another property, and the funds you will require.
Know your current property’s worth
The value of your current property is likely to be a key factor when it comes to what you can afford in your next home.
Get in touch with a trusted real estate agent, and have them appraise your property. Also pick their brains on how long they believe it would take to sell and what, if anything, you need to do to ensure that transaction is seamless.
Talk to your lender
If you’re looking to buy and sell at the same time, take the time to have a good chat with your preferred lender or mortgage broker.
They will help you understand the financial options at your disposal. Depending on the current value of your existing property, you might have enough equity sitting there for the deposit on your future home.
Regardless, they are the professional best positioned to walk you through your financial alternatives available when it comes to buying and selling at the same time.
Communicate with the agents
The agents you buy and sell through are there to help your property journey go to plan.
Talk to them about what you hope to achieve, and where you want the next chapter of your journey to take you.
They can then collectively work towards your preferred outcome, negotiating with the seller of the home you are purchasing and the buyers who are interested in your current property.
Get clear on your contracts
The sales contracts for the property you buy and the property you sell will be key to the success of the changeover.
Get crystal clear on any conditions you might need in a contract when it comes to buying, such as the purchase being subject to the sale of your existing home.
When it comes to selling your existing property, look at key areas like the settlement date.
Ideally, if all goes to plan you will have a simultaneous settlement on both properties so you can hand over the keys to your existing home and move straight into your new one.
Looking to buy or sell?
If you’re considering buying or selling a property, why not chat with one of our friendly Eview agents on 1300 438 439?
You can also view our list of currently available properties here.
