Sell my home or buy another one first

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Buying a new home? Start by selling the current one? Or the opposite? 

Buying a new home first?

Have you bought a new home? It is high time to sell the current one. Obviously, you will urgently need money to finance the purchase. But what happens if the sale is delayed and you are faced with double housing costs? Renting is not a good idea, because it requires a double move.

Fortunately, the bank can help you with a bridge loan. A practical solution while awaiting the sale of your home because you are already financing the purchase of the new one, and you are repaying the bridge loan with the proceeds of the sale.

Please note: the maximum duration of a bridge loan is 12 months. If your home is not sold on time, a possible extension of the bridging loan is considered a new request for credit. As soon as the sale is concluded, the credit is liquidated since the amount is available.

Above all, you have the opportunity to choose your future home. You will be able to study each offer and make the necessary negotiations. As you still have your current accommodation, there is no rush and you can take advantage of the best deals.

On the contrary, buying a house after the sale of your current property can force you to make a bad purchase. If you have already sold, it is imperative to find new accommodation quickly instead of staying with friends or families, which can push you to choose a house too hastily.

Or first, sell my home?

You start by selling your current home and only buy a new one afterwards. However, the situation can be difficult to manage if you cannot find new accommodation right away. According to the rule, the seller must, in fact, leave the house at the latest on the day of signing the deed at the notary. That said, the buyer may not be ready to move yet. In this case, you can agree with him that you will continue to occupy your current home for some time. An interesting solution for both parties! The buyer may ask you to pay him an occupancy allowance during this period. It is a kind of rent that you pay him as long as you continue to occupy the house after the deed.

Conclusion

There is no ideal solution. So think carefully before putting your home up for sale and buying a new one to contact Zoom Property. Study all of the financial aspects carefully. An expert will help you find the best solution.

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