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Lining up Your Ducks Before You Buy a Second Property

Selling your home and buying again comes with a host of costs and headaches, including the potential drama of juggling two loans and trying to match up settlement dates. Plus, there are fees such as stamp duty and agent’s selling commission. Save time, stress and awkward interactions by putting together a comprehensive budget and to-do-list; ‘lining up your ducks’ before buying that second property

Buy or sell first

Whether to buy property before you sell your current home is an age-old conundrum and really depends on your personal circumstances. Weigh the pros and cons, and make sure you have all the facts as well as a contingency plan before you sign on the dotted line.

Understand your new borrowing power

Things have probably changed since you bought your current house. You’re different, now. Maybe you’ve got a better job, or your family has moved out of home. Plus, if you’ve been keeping on top of your repayments, you probably have some equity to leverage. It’s important to understand how owning your current property affects your next move. You might have more to spend or the ability to service a higher loan.

Decide on the best property for your lifestyle

You need to choose a property that works for your lifestyle. If you work in the cbd a shorter commute may be a dream come true or an apartment might save you time on maintenance. It is important to be realistic about the non-negotiables, such as the number of bedrooms/bathrooms. And try not to duplicate anything you dislike about your current home.

Put your best house forward.

Spend some time learning how to increase the sale value of your current property. There are a lot of simple things you can do to make it more appealing.The new owner will probably want to put their own stamp on it, so don’t dive into a major home renovation too close to your sale date. Concentrate on inexpensive home improvement options, such as cleaning up the garden to create curb and decluttering the interior and giving the walls a fresh coat of paint.

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