If you own a home already, one of the biggest questions is timing. Do you sell first, buy first, or try to do both at once? There's no single right answer, but there are a few common approaches.
Sell first, then buy
You know exactly how much you have to spend, and you're not carrying two mortgages. The downside is you may need somewhere to stay between homes if the timing doesn't line up.
Buy first, then sell
You can take your time choosing your next home and move once. This usually means arranging finance to cover both properties for a while, so talk to your lender well in advance.
Make an offer that depends on your sale
Some offers include a condition that the buyer needs to sell their own property first. Sellers don't always accept these, and they often come with time limits, but in the right situation they can work.
Line up the settlement dates
Some people aim to settle both sales on the same day, so they move straight from one home to the next. It takes good communication between everyone involved.
What to do first
- Get an appraisal of your current home, so you know what you're working with
- Talk to your lender about what's possible
- Speak to your lawyer about the agreement and conditions
- Think about a backup plan, such as short-term rental or staying with family
Quick tip
A free appraisal is a good first step. It shows what your current home may be worth, which makes every other decision easier.
This is general information only, not legal, financial or building advice. Rules and market conditions change, so check the details with your lawyer, lender or the relevant authority before making decisions.
