“Timing and organisation are crucial in this process to avoid a number of different potential problems that could arise,” he said.
While you may dream of settling on the same day, Mr Craig said it was important to note that in reality things rarely went to plan.
“In the perfect world, the sale and purchase synchronise seamlessly and you settle on the same day,” he said.
“But in reality that rarely happens – that’s not to say simultaneous settlement of your old and new properties is impossible, but you need to be proactive about making it happen.”
Realmark Coastal Sales Associate Jon Wood said one major advantage of buying and selling at the same time was the market would be similar throughout the whole process.
“Buying and selling in the same market ensures you aren’t out of the property market for any period of time,” he said.
“If prices continue to grow and you are out of the market and can’t find anything, you may end up spending more or having to settle for a more modest home.
Mr Wood said speaking to a finance broker about setting up bridging finance was an important tip for people who found their dream home before their property was sold.
“Speak to your finance broker about setting up bridging finance, so you don’t have to make an offer subject to the sale of your home,” he said.
“It’s always worth talking about the ability to set up bridging finance in case you find the right home before you sell.
“If you do sell before you find the next one, negotiate a longer settlement with your buyer to allow yourself time to find the next property, so you will only have to move once.”
While everyone wants to buy at the bottom of the market and sell at the top, Mr Craig said the property market should not be the main factor when looking to simultaneously buy and sell.
“When selling one property to buy another, as long as you buy and sell almost simultaneously under similar market conditions, the state of the market is less important,” he said.
While Mr Wood recommends selling first, he said if your dream home came on the market before you sold, make an offer.
“Sometimes the dream property comes up before your home has sold or even gone on the market,” he said. “If this happens, make a strong offer and go for it.”
Ysabella Salisbury
The West Australian
Mon, 21 March 2022 12:00AM