How to buy and sell at the same time

One of the toughest things to manage when you make the decision to move house is how to buy your new home at the same time as you’re selling your current one.

Here are a few tips for how to buy and sell at the same time without putting yourself under undue pressure.

Understand your market

Where most people run into trouble when buying and selling at the same time is when they set their mind on buying a property that ends up going well beyond the sale price of their current home. It’s critical to research the markets you’re buying and selling in.

Test the waters

Many buyers want to know exactly how much money they’ve got to play with when they start searching for their next home. A good way to ensure you’re searching for properties in the right price bracket is to float your property off-market first, which will allow a small selection of buyers to provide a guide on its potential value.

Extend the settlement

If you do happen to sell your home while you’re still in the process of buying, ask for a longer settlement to enable you to bring the two processes into line.

Marry the processes

If you do receive an offer on your home and you’ve also found a property or two that you’re interested in, speak to your agent about tying the timing of the two sales together.

Obtain bridging finance

If you’re purchasing a home but have yet to find a buyer for yours, a bridging loan from your bank or lender will cover the cost of the purchase until you’re able to sell your property and pay the money back.

Have things ready

As with any property transaction, it’s important to be ready to act as soon as an opportunity arises. That means having your finance approved for your purchase, and having the contracts ready for your sale.

Source - realestate.com.au