Home News Buying before selling

Buying before selling

Font size :

Q. My partner and I are looking to purchase a new house and have just found a great property in a really good location. We really want to make an offer on the house, but haven’t sold our existing house yet. It has been on the market for about a month and a couple of people have been interested, but no offers have been made. Should we wait until we sell our existing house before making an offer?

 


A. Unfortunately, homeowners aren’t always able to sell their existing house and buy a new one at the same time. This is often due to the state of the market. For example, if there is a demand for housing, you may be able to sell your property quickly, but be unable to find a new house. However, it could be the opposite if the housing market is slow. You may be able to find a new house easily, but unable to sell your existing property. In order to help manage the risks of either buying or selling property first, you need to research the market. If you are able to gain an idea of where the market is heading, you can better plan for when the best time to buy and sell is. Some considerations you can take into account include:


•    Value of your home: Before putting your house up for sale, you should get a realistic value. This can also give you an indication of what other properties may be selling for.
•    Finances: You will need to speak with your lender about organising a pre-approval before purchasing. The more information you disclose to your lender, the more they can help you get approved for a home loan.
•    Impact on your life: You need to consider how either having a second mortgage or having to rent until you find a property will impact your life. How will it affect your savings or your family?

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

Mortgage applications drop in second quarter Mortgage applications drop in second quarter

This marks the “beginning” of a downward trend, says Equifax executive Read more

To break monopoly, many smaller lenders could become banks To break monopoly, many smaller lenders could become banks The proposed change could break the Big Four’s monopoly over the mortgage market and help families get cheaper home loan rates ... Read more

Borrowing against the home: A strategy to pay for aged care Borrowing against the home: A strategy to pay for aged care Such debts can generally be divided into long-term and short-term loans ... Read more

NAB slashes growth forecasts for houses, units NAB slashes growth forecasts for houses, units Numerous factors, including tighter credit rules and the growing supply of new stock, have reined in Australia’s seemingly unstoppable housing market boom ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Jul 22, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Whether you're a first homebuyer, looking to refinance, or investing, it's important to have the right loan for your needs. Just fill in a few details below and one of our trusted mortgage advisers will contact you.

A quick & easy way to find the right home loan
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords