Navigating the property market can be a bit like a dance—do you take the lead and buy first, or do you play it safe and sell first? Each step has its own rhythm, with advantages and potential pitfalls. Let's explore these options to help you decide which move suits you best.
Selling First: Financial Peace of Mind
Opting to sell your home before buying your next one can offer a comforting sense of financial security. Knowing exactly how much equity you have can simplify securing your next mortgage. Plus, it eliminates the risk of managing two properties simultaneously. However, the clock starts ticking on finding your new home, which might lead to a rushed decision or the need for temporary accommodation.
Buying First: Prioritising Convenience
If convenience is your top priority, buying before selling might be your best bet. This approach allows you to leisurely search for your dream home without the pressure of renting in between moves. However, it can stretch your finances, especially if your current property lingers on the market. You might find yourself juggling two mortgages or dealing with bridging finance, adding stress and additional costs.
Key Considerations:
Market Conditions: In a fast-paced market, securing your new home first might be wise. In slower conditions, selling first could be more practical.
Financial Position: Consider your savings or if you have approval for bridging finance.
Timeline: Are you moving by a specific date, like a school term or job start?
Ultimately, there's no one-size-fits-all answer. Your decision should align with your goals, budget, and the current property market. With thoughtful planning and a touch of flexibility, you can ensure a smooth transition. If you need guidance, we at Bond Residential are here to help make your move as seamless as possible.
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