BUYING AND SELLING, SELLING AND BUYING
date: 6th May 2024
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Buying and Selling, Selling and Buying.
How to make big decisions and manage the risk in moving home
To buy and sell a home at the same time can be very daunting emotionally and financially, there’s a lot to consider!
Buying first then selling can bring risk in holding 2 mortgages. Selling first then buying can lead to a compromised home purchase or potentially paying money in rent, moving twice or bridging finance.
Ideally it would be great to have your sale and purchase line up and home settle on the same day however with so many people involved (banks, solicitors, vendor, purchaser, agents, removalists) lining everything up can be difficult, particularly if there’s a delay and rebooking settlement is required.
In considering this whole situation we look at the following:
The Market – If you’re uncertain about the market you could try to test the market by having your agent contact their network and conduct some pre-market inspections with a view of receiving feedback and test the price you’re looking to achieve before advertising.
The Agent/s – Select an agent that can assist on both sides or collaborate openly with another agent if the one isn’t facilitating both sides. This way timelines can be lined up.
The Settlement – Ensuring you have an extended settlement on your first transaction (whether it’s the purchase or sale) so the second transaction (purchase or sale) can be scheduled on the same date.
The Negotiation – In negotiating offers and terms be open on what’s required for your situation, showing this upfront will ensure that you’re not wasting time or resources without being sure that your terms and conditions are possible. Ensuring your offers are subject to your sale is another important thing to mention.
The Finance – Ensuring your broker, solicitor and agent have open dialogue to support you as a team will help manage costs through bridging finance (if applicable), legals, settlement needs and moving expenses.
We recommend taking time, the most amount of time to process, engage and see the move through the purchase and sale. Time provides room for sound decision making organisation and due process. It also reduces the hurry and rush which can cause stress.
