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21 Nov 16

Empty nesters often ask us: "Should we buy before we sell our current home to downsize?"

​A common question we often get asked by empty nesters: Should we buy before we sell our current home to downsize? Here are some things for you to consider:

The main advantage of buying before you sell is that you have certainty that your new home will deliver exactly what you’re looking for. Some of the other advantages are:

  • You can move straight from your large home to your new, smaller home, so there’s no need to rent or pay removalist costs twice
  • There’s no pressure to buy a new smaller house or apartment that’s not quite right, because your settlement date is looming


However, some disadvantages you should consider are:

Without having sold your current home, you don’t know what price it will achieve and this can make it difficult to budget effectively

  • If you have financed the full price of the new home, you may feel pressured to sell your old home urgently
  • If you have difficulty selling your old home, you may need to service two mortgages
  • Should you old home fail to sell, you may need to generate income by renting it out and this may make it more challenging to sell in the future.

 

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