Benefits of selling before buying
They say the first property you purchase is rarely the one that becomes your ‘forever home’.
Many people decide to upsize their home due to growing families or downsize when heading into retirement. Some are faced needing to move to another location due to work opportunities, future life prospects, family, and many other reasons.
Having to sell your existing home in order to buy something else can be a stressful time. Purchasing subject to a house sale often does not put you in the most favourable position as a buyer. It can be difficult to know exactly how much money you actually have spend, when you are yet to sell your home.
Before you start your search to find a more suitable property consider selling first. Harcourts is here to help.
There are many advantages to selling first.
You’ll know your budget and will be able to make your next move with confidence. You will be in a better position to put forward a more attractive offer with more definitive timeframes. Many of our sellers in this situation sell their existing property subject to purchasing. This is done by inserting a clause into their Sale & Purchase Agreement with assistance from their solicitor.
Other sellers opt for a longer settlement to allow plenty of time to find a suitable property to buy prior to moving out of their existing home. This option is often well received by purchasers who are looking to relocate to your region as it allows them to plan.
In some circumstances, sellers have sold and settled on their home and the purchasers have allowed them to rent back for a defined period of time, again giving sellers a good opportunity to secure a suitable property and moving only once. It is not uncommon for our sellers to rent back while building their new home.
There is also the option to rent another property while you search for your new home. In the scenario where the property you want to purchase has a tenant in place, should all parties mutually agree Harcourts property management team can explore rehoming the tenants in another suitable property, this was successfully achieved for our Harcourts clients recently.
There’s many reasons why our sellers choose to move on from their property, and sometimes an off-market listing option is best. This means your property isn’t publicly advertised, and your agent will work with their database of qualified buyers, introducing them to your property behind the scenes.
If you are considering an off-market listing you need to ensure that your agent has access to an extensive database of qualified buyers to ensure you get the result you want.
When selling first, it is important you carefully consider your real estate partner and their offerings. It’s important you’re made aware of all possible scenarios and we recommend seeking legal advice.
So if you are pondering your next move, talk to Harcourts today, we are proud to be voted NZ’s most trusted real estate brand eleven years in a row, our knowledgeable sales consultants will be able to assist you in providing you in-depth information, gain you access to our extensive database built over 25 years and Harcourts can provide you a full range of real estate services.