So you have to sell to buy? Waiting for your home to be worth more sounds like a good idea but if the price of others climb relative to the market you will also be paying more as well. The thing about selling for more and buying for more is… It costs you more!
That’s right readers! By selling for more you pay more agent fees and by buying for more you pay more stamp duty. So if your home and the one you buy rise in value at the same percentage and you are paying more for your next home, then your net result is worse on a rising market.
It’s hard to wrap your head around, but it’s important to know whether your net position is going to be better or worse if you wait and we believe that now is the time for you to be selling and buying.
Don’t forget that other incentives currently available make now a great time to buy as well, include a $7000 regional relocation grant for those selling in the city to buy here in Mudgee; the First Home Buyers Grant; and the continued Stamp Duty Concessions for buying new or off the plan property.