If you’re planning your next move, one of the first decisions you’ll face is whether to sell your current home before buying another property.

There is no single approach that suits everyone. Your finances, preferred timeframe, appetite for risk and the availability of suitable homes will all influence the right order for you. Understanding the advantages and potential challenges of each option can help you make a more confident decision.

Selling before you buy

Selling your current property first gives you a clear understanding of your financial position. Once you know the final sale price, you can establish a realistic budget for your next home and make offers with greater confidence.

It may also place you in a stronger position when negotiating with a vendor. An offer that is not dependent on the sale of another property can be more appealing, particularly when there are several interested buyers.

The main challenge is timing. If you sell before finding your next home, you may need to arrange temporary accommodation or negotiate a longer settlement period. Moving twice can add inconvenience and expense, so it is worth planning for this possibility from the beginning.

Selling first may suit you if:

• You need the proceeds from your sale to fund your next purchase.
• You want certainty about how much you can spend.
• You would prefer to avoid the pressure of owning two properties.
• You are comfortable arranging temporary accommodation if required.
• You want to be in a stronger position when making an offer.

Buying before you sell

Buying first can give you more time to find a property that genuinely meets your needs. It also allows you to move directly from your current home into the new one, avoiding temporary accommodation and a second move.

However, this option requires careful financial planning. You will need to be confident that you can manage the costs associated with both properties if your existing home takes longer than expected to sell.

There is also a risk that your current property may sell for less than anticipated. Before committing to a purchase, it is important to obtain a realistic appraisal and discuss your borrowing capacity, bridging finance and other options with your lender or financial adviser.

Buying first may suit you if:

• You have sufficient finance or savings to complete the purchase.
• Suitable properties in your preferred area are difficult to find.
• You want to avoid moving into temporary accommodation.
• You are comfortable carrying the costs of two properties for a period.
• You have a clear and realistic understanding of your current home’s value.

Can you make an offer subject to the sale of your home?

In some circumstances, you may be able to make an offer subject to selling your existing property. This can reduce some of the financial risk, but the vendor does not have to accept this condition.

A vendor may prefer an unconditional offer or one with fewer conditions, particularly in a competitive market. If your offer is accepted subject to sale, the contract should clearly set out the relevant dates and requirements. Your conveyancer or solicitor can advise you on the appropriate wording and risks before you sign anything.

Could coordinating the settlements help?

When the timing works, it may be possible to settle the sale of your current property and the purchase of your new home on the same day. This can make the transition easier and reduce the need for temporary accommodation.

Coordinated settlements require communication between your estate agent, lender and conveyancer. Delays can still occur, so having a backup plan is sensible.

A longer settlement, early access or a short rent-back arrangement may also be worth discussing. These options depend on the circumstances of both parties and must be formally agreed upon.

Start with a realistic property appraisal

Before deciding whether to sell or buy first, it helps to understand what your current property is likely to achieve in the present market.

An appraisal should consider recent comparable sales, the condition and presentation of your home, its location and current buyer demand. Online estimates can provide a broad indication, but they may not account for the features that make an individual property more or less appealing to local buyers.

This is especially important across Portarlington, St Leonards, Indented Head, Clifton Springs, Drysdale and Curlewis, where property type, position, land size, views and proximity to the water can all influence value.

Planning your next move

Whether you sell or buy first, preparation can help reduce pressure and give you more options.

Speak with your lender or broker about your borrowing capacity, ask your conveyancer about contract and settlement considerations, and obtain a current appraisal of your home. It is also helpful to begin monitoring properties in the areas where you hope to buy.

The Hunters Real Estate team can talk you through current conditions across the Bellarine, provide a realistic appraisal and help you plan a selling strategy that supports your next purchase.

If you’re thinking about making a move, contact our local team for a friendly, no-obligation conversation about the best place to begin.