Would you sell your home first before buying or vice versa?

[rach21]

Hello all, just wanting to get your input.

a family member wanted to downsize. Is it better to sell their home first before buying another one or should she buy one first then sell?

Also she has a nice chandelier that she doesn't want to include in the sale. She wants to bring it to the new house for sentimental reasons. Is this possible to exclude from the sale since it is part of the fittings? We can put in a substitute prior to settlement when we can swap it around.

Thank you all.

[Keys]

My 10c worth.

Neither. Keep both properties.

[artemis]

Depends if she can afford to buy without selling first. If so I recommend that as it much reduces stress. Take down the chandelier before listing.

[rach21]

Thanks Keys. Unfortunately she can't afford it. she's retired.

[rach21]

Thanks Artemis. She sell first then.

[marklowes]

Assume this is in auckland then if she 'can't afford to keep both'?

Keeping and renting out with todays low interest rates should be lining your pockets with money every week in most places outside of auckland; A lot of retired folk I know are actually buying more property that is positively geared for this reason, not selling for retirement once they hit 65 as some doomsters once believed would happen.

[lissie]

If she's retired she can't afford the risk of buying before she knows her budget. She needs to sell first. Even if she ends up "between houses" for a few weeks, that's way cheaper than ending up loosing thousands because you have to sell. You can list the property with the chandelier as an excluded chattle.

[Dood]

Buy first with a long settlement. This will give you time to sell with a quick settlement

[rach21]

Thanks Mark. Yes she's in Auckland. She doesn't have any more capital to afford another rental investment.

[rach21]

Thanks Lissie. That's what she thought she was hoping to do. But scared that no one will rent her a short term contract.

[rach21]

Thanks Dood. Most are auction now and they have their own settlement date. Can you negotiate to change it to a longer settlement?

[Dood]

Thanks Dood. Most are auction now and they have their own settlement date. Can you negotiate to change it to a longer settlement?

Sure you can. Speak to the auctioneer prior to the auction or preferably speak to the agent during your due diligence period

[rach21]

Wonderful. Thanks Dood. =)

[artemis]

IMO selling and moving temporarily if need be is the best way to go. Then the owner has certainty about dates and amounts, and can take time to look at a new purchase without too much stress. The last thing she will want is to be pressured into a purchase she may regret. Even putting belongings in storage and moving to a hotel, motel or friend's house for a few weeks or months is less stressful (probably also less expensive) than the wrong purchase decision.

Depending on her age, moving to a retirement village may give more flexibility on timing.

[rach21]

Thanks Artemis. That's what she was originally thinking. Thank you for the clarification.