By Roxanne Alterio · Place Estate Agents
The answer depends on your suburb, your loan structure and how much risk you can carry. Here is how to think through it properly.
Selling first gives you certainty. You know exactly how much you have to spend, you are not carrying two mortgages, and you negotiate from a position of strength. The downside is that you may need to rent between selling and buying, and in a rising market you risk paying more for your next property than you planned.
Buying first means you can take your time finding the right property. You are not under pressure to settle for something that almost meets your needs. The risk is that your current property takes longer to sell than expected, or sells for less, leaving you stretched financially.
In Brisbane's inner south right now, properties under $1.5m are selling relatively quickly with strong buyer competition. Above $2m the market is more considered. If you are upsizing from a property under $1.5m, selling first makes sense. If you are upsizing from an already larger home, you may have more flexibility to buy first given the slightly longer marketing times at the top end.
If you have a question about anything in this article or your Brisbane property, Roxanne is happy to chat. Free and no obligation.
If you have a question about anything in this article or your Brisbane property, Roxanne is happy to chat. Free and no obligation.