Selling your home is a big moment. But after the hammer falls and the sale goes through, there’s a sense of relief and excitement about the next step to come. While the champagne flows there may also be a lot on your mind as you consider navigating the buying process once again. At this stage, it’s a good idea to buy yourself some time so you can step back into the housing market in the right way.
The “sell and park” is one approach, which allows you to store the money earned through the sale in a savings account, like our Savings Maximiser or term deposit accounts, for up to six months until you’ve made a decision to buy. Here’s why it might be right for you.
While the prospect of a new home and a clean slate is exciting, the practical journey of buying a house is often a very stressful experience regardless of whether it’s your first or tenth time. Allowing yourself some wiggle room by utilising the sell and park can relieve the pressure to jump back into the market and allow you time to truly enjoy the hunt. Pop the champagne, bask in your successful sale and look forward to the adventure ahead.
Less bad decisions
There are a lot of questions that will need to be answered, and it’s best to take stock first to logically think about what you need to focus on and what you truly want in your next move. Some of these questions might be around what research you need to do, who you should talk to, how you will organise your savings, and what unexpected costs you might run into. With more time to prepare you’ll make less snap decisions and be better placed to anticipate the moves ahead.
Another benefit of the sell and park is the confidence that comes with not having to worry so much about unexpected curveballs when it comes to planning for your new home. Keeping your money with the same mortgage provider until you’ve done your research and planning will mean that you don’t have to worry about moving money from one bank to the next. You will also know from experience what to expect from the relationship.
Guidance without pressure
You may need some advice along the way or wish to enquire about certain benefits or offers from a provider. While you’ve parked your cash in a savings account, you’ll be able to access advice from home loan experts to get insight and help along the way. This is, of course, always on offer with ING Direct. But while your cash is parked you can access this without experiencing the frustration and pressure of a hard sell or feeling the urgency of needing to lock something down.