Buying and selling a home can be time-consuming and stressful, mainly if both exercises coincide. Although professional real estate agents can handle two conveyancing processes concurrently, they admit that the work involved is usually cumbersome. It might explain why many conveyancing experts advise clients to sell their current property first before buying a new home. This article highlights the benefits of taking this route.

More Home Viewing Opportunities

Australia's residential real estate market is competitive since home buyers occasionally try to seize the same property. In many cases, there is always a buyer somewhere else who has seen the exact property you want and is in a position to proceed with the conveyancing process. The high competition has forced most property sellers to only book home viewings with potential buyers who can immediately move forward with the purchase. The strategy allows property sellers to look at offers from a small pool of serious buyers. The bottom line is that selling your current home, or listing it, makes you a more desirable buyer and presents you with more viewing opportunities.

Prevents Underselling Your Current Home

The fear of missing out is real in the property market, thanks to the shortage of homes. Therefore, the thought that someone else is ready to move for the same property drives some people to accept a lower offer for their current home. Although the proceeds help secure a deposit for the new home, the loss incurred is significant. You can avoid this trap by selling your current home before showing interest in another property. Then, you can negotiate the right price for your existing home and have enough time to look for a new property.

Accurate Budget Estimates

A lot of money is involved in purchasing a new home; therefore, your budget needs to be as accurate as possible. The reason is that the property market is volatile, with prices skyrocketing. Thus, basing your ability to pay for a new property on the amount you hope to get from the sale of your current house is not wise. For instance, it increases the chances of quoting a very generous offer to a seller only for your house to sell for a lower amount than your anticipated. On the other hand, selling your home first puts you in a strong position because you have a clear idea of the properties you can afford. For example, if you expected $250,000 for your current house but sold it for $300,000, the extra $50,000 allows you to view properties you considered out of your league.

Contact a law firm that offers conveyancing services to learn more.