Buying My Next Home

Time to move to a bigger place, or a place better suited to your changing lifestyle? Buying the second time around is usually easier, as you’ve been there before and understand how it all works. You generally have equity in your existing home that you can use to your advantage, though it does raise other questions.

Next home

Before you decide to buy a new home, there are a few things you may need to consider.

Should I Sell My Property Before I Buy?

If you sell before you buy you avoid having to cover two mortgages at once, and you’ll know exactly how much money you have to spend.

The downside of selling before buying again is that you may have to rent a house or unit while you look for a new home. It means you’ll also have to move twice and you’ll incur double your moving expenses, not just transport but also double the utility connections.

To help avoid this, it may be possible to negotiate a long settlement when buying your new home – you might be able to avoid doubling your moving costs.

Buying & selling homes simultaneously

There’s plenty to consider when buying and selling at the same time. Obviously your aim is to get the highest selling price for your home while making sure you don’t pay too much for your new one.

Timing is important because ideally you want the buying and selling processes to be as close together as possible. In a perfect world you’d settle on your new home on or just a few days before settlement on your old one. Some mortgages offer you the benefit of portability, so when you buy a new property you can take the mortgage with you.

Find out your Options that are possible

  • Arranging bridging finance to help you get through the period where you may have not sold your existing home before purchasing your new home
  • Learn how to take your mortgage with you to your new home
  • Using the equity in your current home
  • Financing both properties if you decide to keep your current home as an investment property.

The Next step

There are many parts of the process, and much to know. Every step is important and has its place. Our clients that have followed our process, used our professional help have given themselves the greatest chance of hearing the words that we are all after “CONGRATULATIONS, YOUR NEW HOME LOAN IS APPROVED’.

Call us now, and find out ‘Where to from here”.