THE GUIDE TO SELLING YOUR HOME
Selling your home is not an activity you do everyday, so we want to make it easy for you to understand the process of how it works and to give you some tips to make your journey easier. Click
here to see a flowchart that provides you with an overview of the selling process.
Step 1 - Getting started
Once you have decided to sell, you will need to work out when is the right time to sell given your personal situation. Let's have a look at which option is best for you:
| Option |
Positives |
Negatives |
| Sell your home first before you buy your next home |
 | You can wait for the right price |
| Consider an extended settlement so you have extra time to find your next home. There will be no need for bridging finance whilst you are selling |
|
| You may not find your dream home before settlement so you may be forced to rent a home, which is both time consuming and costly with two moves |
| Another risk is property prices may rise while you are 'out of the market', which means you will get less for your money when it's time to buy |
|
| Buy your new home first then sell your home after |
| If you have the necessary finance in place, this is a good option as you can avoid the cost and hassle of having to rent and move twice before buying your next property |
|
| You don't know how much your property will sell for and how long it will take |
| You may have to take a lower price so you can sell in time for settlement |
| Additional financial costs (which may include bridging finance) for owning two homes for a period |
|
| Buy and sell at the same time |
| If you can time the buying and selling process perfectly, this is a great option |
| The best position to be in is that your new home settles a couple of days before your current home, leaving you a couple of days to move in smoothly |
|
| It is very difficult to get the timing perfect, and if there are settlement delays, you maybe required to get bridging finance which means additional cost |
|
Whichever option you choose, give deep consideration as to which way is best for you and your family. You must also consider your financial position and be aware of the different costs involved. If you are unsure about this, speak with your financial advisor to obtain the necessary advice.
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