Deciding to put your property on the market for sale is an exciting time, but it can feel complicated especially if this is your first time. Do you have plans to changeover and are unsure about if you should sell before you buy? Depending on your financial circumstances and the urgency of your next property purchase – here are some of the pros and cons that we believe would help.

Potential benefits

Knowing your purchasing power.
You’ll know exactly how much money you have available to purchase your next home.

Funds are readily available.
Once settlement on your previous property has gone through, you’ll have money available for the purchase of your next property.

You don’t need to rush the sale.
You can wait until you’re happy with the sale price of your property, without having to rush to sell because you’re maintaining two mortgages.

It could reduce stress levels.
If you buy before you sell, and selling your property ends up taking longer than expected, this can be stressful financially and emotionally.

You won’t need a bridging loan.
To help finance two properties at once.

Vendors love cash offers.
In a competitive housing market, being able to make an offer on a property without conditions around selling your old home could make your offer more attractive to vendors.

Potential disadvantages

Property prices movement.
There’s a chance that property prices will change between the time you sell and buy, which could mean that you end up spending a bit more on buying your new home than anticipated.

Potential rental costs.
You may need to pay for rent until you’ve bought a new home, as well as the hassle of moving twice within a relatively short period of time.