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While most homeowners have probably been relishing seeing the value of their properties go up of late, it might be a different story for those who have been hoping to upgrade.
It’s true that it’s a great time to sell property in most parts of the country, but it is a little trickier if you’re trying to buy at the same time, and buy somewhere that is likely to be priced higher at that.
If you are hoping to upgrade to a better home during a price boom there are a few things you can do to make your move a little smoother. They include:
Decide on your property goals
Are you looking for something bigger, or perhaps you’re looking to move to a better school zone? Whatever it is you need from your next home it’s best to decide on your must-haves from the start to help you narrow down your property search and figure out how much you’re going to need to budget for.
Keep in mind that if you are looking to upgrade to a better area then you may need to settle for a home that is smaller or less modern than your current one to find something affordable.
Discuss options with your lender
Whether you’re buying your first, second or tenth property you’re going to need to figure out how to finance it.
Depending on your circumstances you may be able to fund your next property purchase without having to sell your current home, meaning you can take your time searching and then sell down the track if you need to.
If this isn’t possible then bridging finance may be an option. This is essentially when a lender will loan you the money you need for your new home for an interim period, giving you time to sell your current home.
Be ready to make a purchase
In many cases though people want to know how much they have to spend before purchasing a new property, so they opt to sell first and then buy later.
If you decide to sell first in a market that is climbing then you’re going to want to purchase your next property as quickly as you can.
In order to do this you should already have been going to open homes and talking to real estate agents so you have a solid idea of what you want and then you can make a move on a property right away.
It’s also well worth getting in touch with as many selling agents in your area as possible to let them know what you’re looking for. They may have properties that are off-market or pre-market that you won’t be able to find on property listing websites.
You may also have a distinct advantage being that you’ll be cashed up and ready to make an offer without the baggage of needing to sell anymore.
Ask yourself if you’ll need interim accommodation
If you buy and then sell then you may only need to move once, however those who sell first may find themselves without a home for a period of time.
Depending on how long it takes you to find your next home you may need to look at renting for an interim period or you could ask family or friends if they can put you up in their home for a time.
You may also need to keep some of your furniture in storage for a little while if you won’t have space in your short-term accommodation. All of these costs will need to be factored into your move.
Talk to local agents
Buying and selling can be stressful at the best of times, and a property boom coupled with a global pandemic certainly doesn’t help. So if you’re having a hard time figuring out how you’re going to juggle buying and selling then don’t hesitate to have a chat to agents in your area that can offer advice that is specific to your situation.
