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Buying your next home

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.

It is a good idea to try to negotiate a long settlement when buying your new home - you might be able to avoid doubling your moving costs. Often this option is not available, but it is worth trying. Add this tip to your action checklist.

One risk of selling before you buy is that property prices could rise while you're out of the market, so you'll get less for your money when it's time to buy again. The longer your time between selling and buying the greater your risk – though this is generally only in a market where prices are rising.

Buying and 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.

If your home loan is with ING DIRECT you'll have the benefit of portability, so when you buy a new property you can take the mortgage with you. If your current lender doesn't have this facility and you're interested in a home loan with ING DIRECT speak to a Home Loan Specialist today call 1800 199 106.

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