A complaint I regularly hear is from new clients who would like to buy their next home using funds from the sale of their current home, but they are hesitant to sell because finding their new home is proving tough.
If this situation sounds familiar, here’s a solution that can work for you.
Step one is to get bridging finance- a loan specifically designed so you can buy your next home even though you haven’t sold your existing. A good broker can easily do your application for you.
Step two, is to find your dream home and when you do, have the contract settlement period increased from the standard forty-two days to fourteen weeks.
Step three- sell your house. You’ve now have the time to sign on your preferred sales agent, prepare your property for sale and run a successful campaign, AND you can make sure your contract settlement date is a few weeks after the date your new home settles. Plenty of time to move house.
Just remember to keep your intentions to yourself when buying and selling so they can’t be used against you in any of your negotiations!
With a little planning, using this strategy means you can buy and sell simultaneously, without too much stress.
I hope you’ve found that useful. I look forward to sharing another tip next week.