Not knowing what you are doing when selling your home and buying another could cost you dearly. It is one thing to read about potential costs, even budget for them, but until you are in the process and committed, you really can’t budget 100% accurately. In fact, some conveyancers recommend budgeting at least an additional 10% of the purchase price just to have a safety net.
I recently sold my home and thought I knew what all the financial implications would be. I made some errors in my calculations, thinking I had accounted for everything, but there were surprises. My experience may help those who, in a similar situation, will have a better understanding of what to expect.