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.
- 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.
- 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.