Selwyn Times: November 20, 2019

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[Edition datE]
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Buying a second home
should you sell first or buy first?
When it comes to upsizing or downsizing a property,
homeowners are faced with a big decision – is it better to
sell the existing home first, or buy the new place first?
Real Estate Authority Chief Executive
Kevin Lampen-Smith says there’s no
‘right’ way to tackle it, but it’s important
for homeowners to think carefully about
their appetite for risk. Both options
come with pros and cons, and their own
unique set of challenges and pressures.
“Buying first provides the luxury
of time, meaning it’s possible to hunt
for homes without a settlement date
looming on the horizon. A buyer is
able to consider as many houses as they
like, move at their own pace and keep
searching until they find the property
that’s right for them and their family,”
Lampen-Smith explains.
While time might be on your side,
your finances might not be. To secure
the new home, buyers will need to come
up with the funds for a deposit, which
might be tricky if equity is tied up in the
existing property. Buying first means
there are suddenly double the bills to
pay, including home insurance, rates
and utility bills, as well as absorbing the
cost of bridge financing in order to pay
two mortgages.
“The extra financial strain
can sometimes mean sellers
pressure themselves into
setting a modest listing price
for their existing house or
accepting a lower offer, just
to seal the deal quickly,”
Lampen-Smith says.
On the flip side, selling
first can give homeowners a
much clearer picture of their
financial situation. Once
the existing home is sold, you’ll know
exactly how much cash you have to play
with and what you can afford to buy.
“However, once an offer has been
accepted on the current home, the clock
starts ticking towards settlement day.
Some buyers then feel added pressure
to make an offer on a home that doesn’t
exactly fit their needs or wishlist,
because they’re so focused on finding a
new place to move into,”
To avoid this, Lampen-Smith suggests
negotiating a long settlement period on
the existing home, to allow enough time
to find a new property. However, this
isn’t always possible, so homeowners
should consider what their plan B will
be. In a tight rental market, it can be
very challenging to find short-term
accommodation, which is why many
turn to friends or family. It’s also
important to consider the added costs of
moving household belongings twice and
paying for a storage unit.
There are pros and cons to both
approaches but homeowners can lighten
the load by ensuring all their ducks are
in a row.
“Speak to your bank or a mortgage
advisor to get your finances in order
and then build your support crew. For
example, you’re going to need legal
advice, a licensed real estate agent to sell
your property, an insurer and a building
inspector,” Lampen-Smith suggests.
However, as your home is likely to
be your biggest asset, it’s important to
prepare for some hiccups along the way
and have time or extra funds set aside
to deal with these. Building a strong
support crew of qualified professionals
will ensure you have the advice and
guidance you need at each stage of the
process.
REAL ESTATE SPECIALISTS
64 Fairfield Way, Rolleston
ONE MORE LISTED!
98 Strauss Drive, Rolleston
Space Galore – Bring All Your Toys!
This 3 bedroom plus office thoughtfully planned
home is sure to tick a lot of the boxes on your wish
list. Located in Levi Park, this northwest facing
home has features throughout from the walk in
pantry to the separate laundry to the huge walk in
robe in the master suite. An undercover outdoor
area with kwila decking will impress those who like
to entertain, and the plentiful off street parking
will happily house the boat and caravan. You are
encouraged to view and act quickly on this one
as we anticipate high interest. Call Mike today to
arrange your viewing time.
**Set Sale: all offers to be presented 5pm 21st
November (unless sold prior)
OFFERS OVER $564,000
PRICE BY ENQUIRY
Immaculate, Expansive & Endlessly Appealing!
Occupying a sizeable 1163m2 corner section this contemporary home can accommodate family living
with ease & sits within a manicured garden setting. Well configured, the layout features four bedrooms,
two bathrooms & a dedicated laundry, with the master bedroom boasting a walk-in wardrobe, ensuite
& access to a patio. A range of heating options includes three heat pumps, electric panel heaters &
under-tile heating, along with an HRV system. Brilliant storage is offered throughout the property, from
the two garden sheds at the rear of the home through to the triple car garage which benefits from
drive-through access.
Properties of this calibre & size are very sought after, and we anticipate high levels of interest.
Don’t delay, contact Mike today to arrange your viewing.
48 Brittan Drive, Rolleston
OFFERS OVER $468,000
A Beauty on Brittan!
Residing upon an easy-care section this neatly
presented townhouse will capture the attention of
both first-time buyers and empty nesters.
The open plan living & dining area forms the social
centre of the home, with sliding doors out to the
patio and easy-care, fully fenced garden which
presents scope for enthusiastic gardeners to
get creative. There are three bedrooms on offer,
with the master benefiting from an ensuite and
the neutral colour scheme provides the perfect
backdrop for your furnishings while the presence of
a heat pump will keep any winter chills at bay.
Keen interest is anticipated in this increasingly
popular location, and your earliest viewing is
advised. Contact Mike for more information.
68 Rolleston Drive, Rolleston
0800 645 346
www.oneagencyres.co.nz
Mike Goatley
027 249 5561
Elyse Campbell
021 187 6217
Nicola Curtis
Administrator
Julz Sibbe
Administrator
Real Estate Specialists Ltd Licenced REAA (2008)