Buying your next home first
If a house that ticks all the boxes comes on the market it can be hard to resist putting an offer on it, especially in a hot market with lots of competition.
Owning two homes
If your offer is accepted you may find yourself in the position of owning two homes. Unless you can align the settlement dates on the two properties perfectly, you’ll find yourself in a position of needing to service two home loans.
Owning two homes can also have insurance implications as you’ll need to have both covered until you can hand over ownership of the property.
If you're planning to buy first, you can make the sale of your existing home a condition of your offer. While this takes the pressure off, it may also make your offer less attractive.
Negotiate a longer settlement date
Alternatively you could try to negotiate a longer settlement when you buy the new house, which will give you more time to sell. Discuss options with the real estate agent to find out how you can negotiate an offer that the seller would still be happy with.
There's no perfect solution in this situation, every purchase or sale is a unique experience. If you’re starting to think about buying, it's a good idea to get your current home and finances in order. Talk to one of our team and give them an indication of your plans so we can help find a solution that works best for you.