Changing to a new home
For almost everyone there comes the time when we want to / need to change our address.
Sometimes it’s a move within the suburb – and sometimes it’s a different area altogether. A change of needs, an extra room or a tree change…the many varied reasons all have the same underlying concerns:
How do we go about it?
Can we buy before we sell?
Can we afford it?
What if we sell first and we can’t find anything we like?
There are a few ways of achieving this, ultimately we don’t want you out of the property market for too long, however sometimes it even makes sense to sell, let the dust settle and test the suburb while renting.
Simultaneous sale and purchase
Nirvana. When it all goes to plan. Quite literally this would mean you sell your current home and buy a new home with the settlement on both to happen at the same time. Essentially you replace one home with another.
Pro’s – simple and no interest bill in the meantime.
Con’s – should you have any hiccups on the day settlement may be cancelled and essentially you can be in a truck outside your new home with all of your life and furniture – with the only option to go home and try again another day. Hiccups could involve things that are outside of your control- for example the purchasers bank not being ready on the day, which causes a chain of missed settlements.