When should we put existing house on market when buying new build with long lead in time

Discussion in 'Mortgages and buying and selling homes' started by Chicci, Mar 7, 2017.

  1. Chicci

    Chicci New Member

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    5
    Would really appreciate any guidance. We have just gone sale agreed on a new build. There is a long lead in time - we're told the new house will be ready or around January 2018. We're fairly confident that our own house should sell quickly (family home within walking distance of Dublin city centre) but when should we put it on the market? I would like to minimize the amount of time that we have to rent alternative accommodation and the costs of keeping our furniture in storage during that time. We would have to rent somewhere in Dublin in between selling our own house and moving into the new one. Is it even possible to get short term lets in the Dublin market at the moment? Also complicating matters is the fact that we're expecting a baby in November so need to have somewhere stable to live then.

    Would really appreciate any thoughts.
     
  2. aristotle

    aristotle Frequent Poster

    Posts:
    648
    Also think about agreeing to renting from the new owners when you sell your house. Its not common but it does happen, if an investor is buying your property they might be amenable to it.
    So you can cut out the storage and moving costs to a temporary rental.
     
  3. Seagull

    Seagull Frequent Poster

    Posts:
    967
    What state of completion is the new build in now? Are there any penalty clauses if the new house goes past completion date? Penalty clauses at least improve the likelihood that they will be done on time.
     
  4. newtothis

    newtothis Frequent Poster

    Posts:
    179
    If you're confident of selling - and any property within walking distance of Dublin city centre is likely to be that - why not wait until closer to the time? Unless you think the market is likely to fall, you will not only be more likely to achieve a higher price, but you will minimise or avoid completely any interim rental and/or storage costs (and rental is likely to be both expensive and troublesome in the current market).

    If I were you, I'd put it on the market in September, after the summer lull, to give time to complete the sale by the end of the year. Apart from anything else, you will have more visibility on whether or not the new house is likely to be ready in time.