One of the most frequently asked, and notoriously difficult to answer, questions regarding purchasing property is: \u2018should I buy before selling my existing property, or should I sell my existing property first?\u2019.
\nQuite simply, every situation is different, and we recommend you consult an independent financial advisor before making any binding decisions.
\nThere are a few key considerations that can help inform your decision making.
\nIs the current market favouring those selling or buying?
\nIn a sellers\u2019 market, prices can rise quickly. If you sell then take too long to find the house you want to buy, you risk being priced out of the market. On the flip side, in a buyers\u2019 market you risk being lumbered with a hefty mortgage if you buy a property based on inflated expectations of your current home\u2019s worth before selling.
\nIs bridging finance an option?
\nBridging finance can cover the cost of the new purchase until the existing property is sold, or if there is an overlap on settlement dates. While interest rates for bridging finance can be higher, they can save on the costs of moving and renting a property in the interim.\u00a0 Again, we recommend you consult an independent financial advisor before making any decisions.
\nAre you purchasing land and building your next home?
\nBuilding a new home, particularly in an estate, raises some different issues. You may plan to sell your existing property and rent somewhere to live while you build. Alternatively, you may have sufficient finances available, or be able to extend your mortgage, so that you can stay in your current home until your new build is complete and you can sell or rent out your old home. Whether or not the land is already titled can have a significant bearing on the timeframes involved, and increase your exposure to housing market volatility, for better or worse, if you are planning to sell when your new build is complete. An independent financial advisor can help you navigate these complex issues.
\nTo sum up, with so many variables, it is impossible to provide a one-size-fits-all answer to the \u2018sell or buy first\u2019 question, other than \u2018do your homework and seek independent professional advice\u2019.
\nIf you need information or assistance with credit or loan related matters, mortgage brokers such as Mortgage Domayne can assist. Contact Mortgage Domayne on (03) 9333 8380 or email hello@mortgagedomayne.com.au to find out more.<\/p>\n","protected":false},"excerpt":{"rendered":"
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