Equity refers to the portion of your property that you truly own, which is calculated by taking the total market value of the property and subtracting any outstanding debts or loans secured against it.

For example, if your home is valued at $300,000 and you have a mortgage balance of $200,000, your equity in the property would be $100,000. This equity can increase over time as you pay down your mortgage or as the value of your property appreciates in the real estate market.

When considering a home upgrade, a significant dilemma arises regarding the sequence of transactions: should one purchase a new property prior to selling the current one, or vice versa? We frequently assist individuals who are looking for upgrade but are uncertain about the optimal order of these actions.

If you've successfully made an offer on a new property and secured a signed contract for your current home, you're in a great position. Many people choose to align their settlement dates, selling their old property just days before acquiring the new one. If you use the same Conveyancer or Solicitor for both transactions, they can easily coordinate these settlements to your advantage.

Navigating any of these options can be quite difficult, and having support in this balancing act can be extremely beneficial. It's essential to have a reliable team when involved in simultaneous buying and selling. This process requires a considerable time commitment for hosting and attending open inspections. Furthermore, it's important to have a comprehensive understanding of your financial situation, as well as the legal and administrative issues that require careful attention.