How to transition when upsizing or downsizing

There comes a time in almost everyone’s life when their home no longer suits their needs.  Downsizing might offer some the opportunity to reduce their mortgage and maintenance requirements while providing more freedom, whereas upsizing can instantly gift a growing family more space, and the creative freedom to customise how they live. 


Whether you’re welcoming children into the world, watching them leave the nest, or simply reassessing your financial position, the transition to a larger or smaller home takes some planning - and we often get asked, what should happen first - buying, or selling? Both approaches have the ability to work well for you when equipped with the right knowledge and advice.



Buying first

If you can afford to purchase your next home before selling your current one, then this might be the best option for you, particularly when buying in a market with low stock levels as less homes for sale sometimes means a longer search before you find the right one.


It is important to consider market conditions at the time, and seek professional advice from your bank or finance broker to help you build a clear understanding of your borrowing capacity, and what options might be available to you. A bridging loan may be a suitable solution able to provide you with some financial breathing space while you sell, and depending on how it is structured, can lift the burden of paying two mortgages for an extended period of time. It might also help you avoid a situation where you feel compelled to accept a less than desirable offer on your home, simply due to financial pressure. 

Selling first

For the many not financially positioned to buy before selling, there are a number of options available to help make your transition smooth, and ensure you reach your end goal. These include selling with an extended settlement period, or purchasing with an extended settlement, adding some extra time to your property search, and your property sale.


As a seller, you can also request a deposit release clause in your contract before exchange, enabling you access to the deposit funds before settlement for the purpose of purchasing your next property.




Once you’ve weighed up your options, it really pays to talk to some experts. 

At Chidiac, we’ve helped hundreds of people sell their homes and harness their upsizing and downsizing dreams. No matter the stage you’re at, we can help you get started on your next life chapter.


Alexander Chidiac
Alex’s commitment to excellence and the ability to meticulously plan, execute and effectively adapt to change has earnt him an exceptional reputation within the industry.