One of the benefits of selling first is that you know how much money you have got to play with.
However, depending on the terms of your contract, it can put pressure on you finding a place to buy.
In this case it always pays to have a Plan B!
- Will you rent?
- Can you stay with friends or family?
- Can you put things in storage?
Gemma and Dave’s house sold much quicker than they anticipated. They were lucky their buyers agreed to a 90 day contract, and that their purchase wasn’t subject to the sale of any other properties.
Still, 90 days is a relatively short time to find a house to buy! As a young family relocating 100km away, Gemma and Dave wanted to avoid having to move twice so the pressure was on to find their new family home.
After much looking and a couple of disappointments, they were fortunate to find a home at a good price, with vendors willing to have settlement on the same day as the sale of their home, which was now 60 days out.
“It was a stressful process,” confesses Gemma. “We looked at so many houses and were worried about having to rent for a while. In the end, we were very lucky that it worked out the way it did. Neither the buyers of our house or the vendors of the new place had conditions on other contracts that would impact what we needed to do.”