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Do you start as a home buyer or a seller?

Home buyers
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Ok, you’ve decided that you’re ready to make a move. Obviously, you’re keen to do that with a minimum of stress or disruption to family life. So one of the first questions you’ll probably be asking is whether it’s better to buy first, or to sell first...

Let’s be clear…the answer to this question really depends on your own circumstances and priorities. However, we thought it might be helpful to look at some of the main “pros & cons” of each option, so that you can decide which option suits you best.

Buying first

  • You can take your time to find the right home without the pressure of a deadline;
  • In today’s strong market, the potential of a quick sale on your old property won’t put you under pressure;
  • You may be able to use your equity in your current home as a deposit for your new home;
  • Any increases in the market in between work in your favour.
  • You can’t be 100% sure of exactly how much you will get for your existing home;
  • You may feel pressured to accept an early offer on your old property;
  • If your settlement dates don’t match you may need to organise bridging finance - an additional cost which can add to the pressure to get a quick sale.

Selling first

  • Once you sell, you know exactly how much you have to spend;
  • You can use the proceeds from your sale on your purchase;
  • There’ll be less pressure to accept an offer if you don’t have a deadline to meet; this gives you more time to negotiate a suitable sale.
  • If you don’t find your next home quickly, you may need to rent in the meantime;
  • That means moving twice…which is not a lot of fun;
  • You may feel rushed into buying in order to meet your settlement deadline;
  • If your home sells quickly, you could be left to make a rushed purchase on a new home so you have somewhere to live.
  • If property values are rising, you may lose out in the time it takes to buy.

Of course, if you would like some obligation-free advice on setting the right strategy for your own needs talk to your local Barry Plant today.

Home buyers
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