Buy first or sell first: Which is best?

A lot of clients ask us this question. We understand why they want to know, because there’s a lot at stake. 

The honest answer is, it depends. Any advice has to be tailored to your situation. However, there are a few key things to keep in mind

Here’s the Sue Tierney Mortgages guide to selling your home before you buy a new one (or vice versa).



When to buy a new property before you’ve sold your current one.

The main reason to put an offer on a new place before you’ve put your current house on the market is when you have some very specific requirements. 

For instance:

• You have children who need to be close to particular schools

• You have pets (because the worst-case scenario is being forced to rent temporarily, and many landlords don’t want pets).

• You have a very saleable property, so can be confident it’ll sell quickly.

• The market is rising – but be careful because you might not achieve the price you assume you’ll get.

In addition, you shouldn’t ‘go unconditional’ right away. A clause that states the deal is subject to you selling your current property can be useful here.

One more tip: Consider using the agent who just sold the home you’re buying. They’ll be incentivised to close the loop so the deal doesn’t fall over.

When to sell your current property before buying a new one.

In a nutshell – when you have a quirky home.

It might be a one-bedroom property in a middle of suburbia, surrounded by family homes. 

It might be a house designed around the needs and tastes of one particular person. For instance, having bedrooms downstairs and living spaces on the top floor will limit its appeal.

Consider getting the opinions of some experienced real estate agents who specialise in your area. They can point out the pluses and minuses of your property, and steer you towards a realistic price.

Then, when you do sell, make sure you negotiate a long settlement date.

The next step is to go house-hunting. We recommend you talk to us early in the process. Better still, ask us to get pre-approval of a loan so you know your buying range. Never commit to buy something and then assume the bank will lend you the money. We’ve seen a few nasty surprises in cases like these.

We're always here to talk.

House-hunting is fun but it pays to have a strategy. We’re here to advise – and we can even come along to auctions with you. Whether you sell first or buy first, we’re here to help.

Click on the link below to set up a call. There’s no charge.