Sell be­fore you buy a new prop­erty

Business Day - Home Front - - HOMEFRONT -

BUYER OR SELLER MAR­KET Many home­own­ers are look­ing at the up­grad­ing op­por­tu­ni­ties pre­sented by the cur­rent mar­ket and mak­ing of­fers to pur­chase big­ger and bet­ter prop­er­ties be­fore they have even listed their ex­ist­ing homes for sale. there are of course cer­tain ad­van­tages to buy­ing a new home be­fore you sell the old one, says Berry Everitt, CEO of the Chas Everitt In­ter­na­tional prop­erty group. These in­clude the fact that you know where you’ll be liv­ing next, when you can take oc­cu­pancy and how much you’ll be pay­ing. “Buy­ing first also usu­ally means you won’t have to move twice.” How­ever, he says, this re­ally may not be the wis­est ap­proach. “For a start, there’s a good chance that it will take longer to sell your ex­ist­ing home than you an­tic­i­pated it would, and that you could end up be­ing li­able for two home loan in­stal­ments a month. “Such dou­ble pay­ments can add up re­mark­ably quickly, and then you would prob­a­bly feel pres­surised to lower the price of your old home just to achieve a sale.” “Find out the cur­rent mar­ket value of your home from rep­utable es­tate agents in your area and quiz them about mar­ket con­di­tions. Is it a buyer’s or a seller’s mar­ket in your sub­urb? In a hot seller’s mar­ket, the chances of a quick sale are much higher than in a soft buyer’s mar­ket.” says Everitt.

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