Buy and sell at the same time
Buying or selling a home is always going to be a big deal. It's a major financial commitment, it's stressful, emotional and in an ideal world, no one would have to do both at the same time.
Unfortunately though, life has a nasty way of throwing unexpected curve balls and generally speaking, most of us will have to sell one property in order to finance another. Things become even more stressful once we realize that logically, we have to buy and sell at virtually the same time.
There are, however, ways to make things a little easier.
Sort out your finances
Before you start looking for a new property you need to have a good idea of how much you’re likely to get for your current home. You will also need to work out how much you can afford to spend on the bond repayments for your new home.
Start researching local markets
You should have a firm idea as to what you can expect to pay for a property in the area in which you are interested. Don’t assume that you can get a realistic idea of prices from internet listings.
Chat to local estate agents
They have valuable local knowledge and will be able to provide you with facts and not a price based on a seller’s sometimes unrealistic idea of what their home is worth.
Make a list of what your ideal property should feature and pass this information on to your estate agent.
Also read: Tips on how to pay off your home loan faster
Get your priorities straight
Selling your current home is far more important than buying something new. Although not ideal, you could always rent in the short term if you can’t find something suitable to buy once the sale goes through. Conversely, this is usually only possible if you sell your current property. Trying to pay a bond and the rent on a new home is probably going to prove both mentally and financially challenging.
Set a definite timeline
This is particularly important for those who are moving to another town. Have a firm plan in place that takes all eventualities into account. Decide what would happen should you not meet your selling deadline, and have plan B in place.
Consider extending the date of occupation if a good offer for your current home comes in before you’ve managed to find a replacement
Start packing
Pack away and store all non-essential items in clearly marked boxes. This has two benefits, firstly, it allows you to get a head start on the moving and secondly, it helps declutter the home, thus making it more appealing to would-be buyers.
Don’t allow yourself to be pressured
The seller of the home you want and their agent will generally know that you have to buy something as quickly as possible and may use this to leverage a deal. Walk away if you are uncertain about any aspect of the sale and focus on finding something that ticks all the right boxes, and at the right price.
Don’t panic
Try to put things into perspective and don’t despair if you can’t find your ideal home immediately. Again, if the worst comes to the worst and you can’t find that perfect property, a short-term rental could be the answer. It may seem like the end of the world, but renting will allow you to take a long, leisurely look around to determine where you want to live.
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