Tips for buying a house while selling your current home

For homeowners looking to move on, the process of buying a home while waiting for your existing property to sell can feel overwhelming – and it can be tricky to get the timing right.

However, there are a few things you can do to ensure a smooth transition process and help you get into your next home, faster.

Prepare your finances

As with any major investment, it’s important to prepare your finances with the support of an experienced lending specialist before purchasing property.

Many borrowers require the funds from the sale of their first property to cover the purchase of the second, so it’s important to understand all your options early.

You will also need to ensure you have sufficient funds to cover expenses like legal fees, insurance or valuations. Completing the necessary prep work well in advance can help set you up for success when it comes to making any offers on your next home.

Know what you’re looking for

Before you sell, it’s good to have a clear understanding of what you want in your next home.

Whether you’re looking for a home in a specific location or any particular features, spend some time thinking about the ‘non-negotiables’ compared to the ‘nice-to-haves’.

This can help you to narrow down your search. And, a local real estate agent may be able to alert you to properties that match your criteria as soon as they hit the market.

Consider an in-between option

In some circumstances, it might not be possible to buy while you sell.

If you plan to purchase a new home before selling your current one, a bridging loan could be worth considering. Keep in mind that you will need the bridging loan in place before purchasing your new property.

Or, if you have already sold your home but are yet to buy, short-term rental accommodation might be necessary until you find the perfect property.

For further support to sell your home or to find your next one, contact your local Mike Pero Real Estate Agent.

Or, to prepare your finances and explore your lending options, contact your local Mike Pero Mortgage Adviser.