Some of the things to consider when trading up.
- Timing – what will be the best approach and what are the pros and cons of each one. Best of course is to sell first and then buy. But do you sell with a late settlement date? Perhaps however it can limit the number of buyers. Buying first can be risky in certain markets, as you don’t have the exact numbers of what you will get out of the old place.
- Costs – other costs at times overlooked can be, storage or temporary accommodation. Also the new home loan approval, does it have conditions for reducing short term debt? Car loans and credit cards may need to be paid back. Do you have other linked securities such as investment properties? Banks can require linked debts to be reduced from the proceeds of sale from your home.
- Pre approval – always always always, get a home loan approval before you sell from someone reputable, such as our selves. You need to certainty in terms of your budget, in writing.
