A real-estate agent once said to me: Buying and selling at the same time is just like having your first child – until you’ve done it, you have now idea just how hectic life can get.
I hate to say it, but it’s true. If you find yourself in the position of having to move your property quickly, all while frantically searching the market for your new home, things are going to get a lot busier.
However, from my experience, following these simple tips will help alleviate the stress and will make the end-result all the more satisfying.
Know your markets and how they're performing
Once you visit a few open houses, and have a decent chat with your estate agent, you should have an idea of what cycle the real estate market is in.
If it’s a seller’s market, you may need to adjust your expectations for return on your current place, but don’t get disheartened – set yourself a baseline sale price which you won’t go below, and outline the absolute must-haves for your new place. This will at least ensure you don’t take a backwards step on the property ladder.
Get your finances in order early
Simple, really. Figuring out how much your house is worth is first, so speak to your real estate agent and get your home appraised so you’ll have a ball park of what you’ll be able to spend on your next home.
Once you have this figure, you should get an idea of what your next home will cost. Take a look at some listings and determine whether you’ll need any additional finance after your sale goes through.
- Get to know your borrowing power in minutes with our online calculator.
- Consider getting pre-approval to finance your next purchase. Making a Home Loan Enquiry online can make this process a breeze.
Back in the truck
It may feel like counting your chickens before they hatch, but you should start packing away the majority of your bulky, statement-piece furniture. This will serve two purposes:
- You will thank yourself when it does come time to move, as you’ll only have to do a fraction of the packing before moving on to your new place
- Your current home will be easier to sell with less of your furniture. Potential buyers need to be able to project their lives onto your property, so having your property simply dressed for open houses will make this easier.
Putting yourself in the shoes of your potential buyers, how happy would you be if you turned up to a listing and saw dodgy paintwork, old or rusty fittings, an unkempt yard and a dirty house?
Buying and selling at the same time is often a fast-paced process, which won’t allow you to make whole-sale changes to your current property, but that doesn’t mean you can’t perform a few quick and vital fixes to make your place shine as bright as it can.
Buy yourself some time
If you feel like you’re going to need a while to scan the market before settling on the perfect new home, you can always list your home with an initial asking price towards the higher end of your valuation range. Think about it – its win-win. If you get a nibble, you’re laughing, and if the market doesn’t respond, you can gradually lower your price as you get closer to identifying the property you want to buy.
At The Greater, we’ve been helping our customers reach their property goals for over 70 years, so we like to think our lenders are the experts.
When you’re ready to start a conversation with a Greater lender, just make an online enquiry in seconds, and we’ll take it from there.
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