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Virtual Realty provides a series of essential TIPS for NZ house Buyers.
Page 1: Things that you should know if you're Moving Up | |  |
Things that you should know if you're Moving Up
- Are you looking to trade up to a new home with specific features? If so, you may want to find your new dream home first, then sell your current home afterwards. You may be forced to accept a slightly lower amount when you sell your current home if you feel that you are in a bind, but at least you will have secured the home you wanted.
- Whatever you do, make sure that you have set in your mind a very reasonable price that you will need to realise from the sale of your current property, after commissions, legal fees and any other fees. The answer may be different based on the home that you find. If you find a once in a lifetime dream home, and you can carry both homes for a reasonable period of time, you may want to commit to purchasing first.
 To protect yourself, make sure that there are conditions on financing and conditions on sale of your existing home in the Sales and Purchase contract. You should always make the offer conditional on the sale of your current property since the Vendor will notify you if another offer is being presented. If they serve notice that another offer has been accepted, you would then need to notify them of your intentions.
- One major advantage to selling first is that your offer to purchase for your next home is almost unconditional, with the exception of a short period of time to allow the bank to complete your pre-authorised mortgage. The lender will always need to send someone independent to view and value the property.
- The least stressful method is to list your home for sale while you are searching for your next home, then sell first to determine exactly how much equity you have, and only then, buy your next home - choosing one that most closely suits your needs. The risk is that you may not find the home of your dreams in this time frame.
- If you can rent for a period of time while you continue your search, selling first may be the best way to go for most people. You may want to check arrangements with family or friends to see if there is somewhere for you and your family to stay for a few months.
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