From Bank Of Queensland, Coorparoo
Are you thinking of buying and selling property at the same time? The BOQ Coorparoo team have pulled together some top tips!
Know your market
When looking to buy and sell at the same time, it’s essential to understand both the buyer’s and seller’s market. How long it takes to move out and move in can differ dramatically depending on the market at the time.
When it’s a buyer’s market, it will be easier for you to find a new home, but harder to sell. On the flip side, in a seller’s market you’ll likely sell quicker, but may take you longer to find a new home as there’s more competition.
Be strategic with settlement
You should aim to have your settlement day for your new home fall on the same day that you move out of your old home.
If you’re trying to match your days up, a long settlement period (for the home you are selling) could work for you. A longer settlement normally includes a clause that lets you bring the date forward if you give notice. That way, when you land on a date for your new home, you can ask the buyer of your current home if they are happy to move their date forward.
Get your finances in order
Many people aren’t often in a financial state where they can afford to buy a new home without selling their old one first. This is why it’s so important to consult with your mortgage lender first to find out what equity you may be able to leverage, and if you’d qualify for pre-approval.
Need help making your dreams a reality? Chat to BOQ Coorparoo today on (07) 3393 8444.
This article is for general information purposes only and is not intended as professional advice. You should seek your own independent financial, legal and taxation advice before making any decision in relation to the material in this article.