Do I Sell Before I Buy?

There is no right or wrong answer to this question, it comes down to your personal circumstances. However, here are a few pro’s & con’s for each situation.

SELLING BEFORE BUYING
Potential pros:
* If you can negotiate a delayed settlement it can give you time to buy another property & move in before settling your original property
* There’s less pressure to sell before a certain deadline
* It stops potential buyers trying to cash in on the fact that you have already bought & really need to sell

Potential cons:
* If nothing suitable is on the market or you miss out on a few properties, you could end up having to move out & rent whilst you find your next property
* Prices might go up after you sell
* You’re at the mercy of what’s on the market at that time

BUYING BEFORE SELLING
Potential pros:
* The possibility of negotiating a conditional offer subject to the sale of your own property
* Not being bound by any financial pressure to commit until you find the perfect home
* In a rising market you can potentially get more for your money, & make more from your subsequent home sale

Potential cons:
* Extra costs of bridging finance when you have to finance two mortgages at once
* Conditional offers can turn off sellers & make them less likely to negotiate on price
* You might need to make a higher offer to to convince an owner to hold the property while you sell yours

Info from www.realestate.com.au