No matter if you are moving up or down the property ladder, this can be a tricky decision to make! It’s a bit like the chicken and the egg, do I start looking for my new house before I sell, or do I sell first?
Selling first: If you have little to no equity, or if your property may take some time to sell. Keep in mind that while you will have the funds from the sale of your home to purchase your next home you may need to rent in the meantime (or move in with the in-laws).
Buying first: If you are in a strong equity position & a strong serviceability to hold both properties, this option avoids you paying rent, but you must ensure that you have the financial resources to cover the mortgage on both houses. Not having to do a subject to sale may allow you to put in a stronger offer.
For more information about whether you should buy or sell first, speak to one of our Property Consultants or the brokers at Mortgage & Finance Solutions or click on the link: https://bit.ly/2tYZBUc