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Michael M.
Michael M.
Barden Ridge, NSW
14 Likes
6 Followers

I am about to sell a house and will come in front by about 200k, should I rent for a bit and see what's happening and save or should I be looking to buy straight away? I have heard of the saying buy n sell in same market although don't really know

4 years ago

Responses

Hi Michael,

You don't mention why you have sold he property? Simply selling & buying only makes sense where you have had a lifestyle change or created equity in your existing Propety via renovation for example.
If via renovation it would be OK to buy again & replicate what you did previously.

If it's due to a lifestyle change talk to local real estates about the market you are tying to get into.
Keep on mind selling buying & stamp duty can erode up to 10% of the property value.

I hope this helps.

Comments

Thank you makes sense

Hi Michael,

I'm glad it makes sense. Feel free to contact me when you are ready to make that next purchase.

Hi Michael

This is a question that requires careful consideration. Switching real estate assets frequently can cost people a relative fortune in transaction costs i.e. agent fees, stamp duty, other legal fees etc. It would be wise to think about what you want from both a financial and lifestyle perspective before acting. Also if I was you I'd think about where to deposit or invest my surplus funds in the meantime.

Feel free to get in touch for me to see how I can be of assistance.

Michael

Hey Michael, we will more than likely move into a more traditional selling market over the next year or so potentially giving you more options to purchase but personally I don't see the average home price in Sydney coming off much.

Yes if buy and sell in the same market and same suburb you can say bye bye to your windfall. That assumes you want to live the same standard. If however you find another emerging area you think was your suburb 10 years earlier then you buy again move and tough it out in the less than hipster suburb and ride that wave up to make another double tonne.

Comments

Sorry Jon, you have lost me

Michael, if you can move to an up and coming suburb that is being gentrified, you can make another big gain as that suburb experiences growth but your may not have to use all of you gain to get in to that market. That means you have a net gain or money I the bank. Repeat this a few times and you can make a lot of tax free money. I did this 8 times in my late 20s early 30s. It requires sacrifice and discipline and is hard to do if you are settled in an area. That's why few do it. If you are single or don't have kids it's easier.

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