Selling a property to buy your home

Selling property is one of the killers of financial wealth and prosperity for many Australians due to the high transactional costs. You should consider whether your existing home will maintain the equivalent rate of capital growth as your possible future long-term home. If this is unlikely, this makes your investment property selection(s) all the more important. Alternatively, it could be a motivation to shorten the time frame until you purchase your long-term home to minimise the possibility that your long-term home will become out of reach. One advantage of selling your existing home to facilitate the purchase of your long-term home is that your home can be capital gains tax free given it is your Principal Place of Residence. If you sold first, you could make more of an informed decision once the proceeds of sale figure is finalised prior to purchasing and your preferred level of savings buffer and cash flow commitment is clear.

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