Advice regarding Selling Current House / Buying New

S

Sheedy11

Registered User
Messages
12
Hi,
Looking for any advice in relation to changing home.

My situation is as follows:
  • Currently have signed contracts and paid 10% of new home (made up of personal funds and a personal loan with mortgage provider)
  • New Home will be ready Late Jul/Aug/ Early Sep time.
The queries I have are as follows:
  • When should I put my current property on the market? I know there is currently big demand for houses in our development. I am assuming about 8-10weeks turnaround from going on the market to sale closure - is this optimistic? Ideally we want to move into new home striaght from existing home.
  • When should I start discussing mortgages for the new property? I will be looking for €350k, house value €500k. Has anyone any experience on using mortgage brokers? I have recently read some articles in mixing your mortgage e.g. 50% variable 50% interest only etc etc. Anyone any experience of this?
Any guidance would be appreciated.
 
If I were you I'd be doing all that now. The chances of you being able to move from one house straight to the other are slim, as any number of factors could hold up (or accelerate) either sale.

So what if you have to rent or move back in with the parents for a few months? Lots of people do this.
 
When you put your house on the market (I'd give yourself 12 weeks to be on the safe side) impress on the selling agent that your closing date is totally dependent on the new house being ready and only accept an offer on that basis. As long as your buyer knows this you should be able to dove-tail your sale and purchase. With regard to your mortgage the amount you can borrow is based on your income and any committed outgoings. You should get a mortgage offer ASAP as you'll need one to sign contracts - you can decide on the ultimate mortgage provider/rate closer to closing.

Mortgage brokers? There are some good ones around....... :D

Sarah

www.rea.ie
 
Could you sell and then negotiate with the new buyer that you rent your own place until your new house is completed? we agreed to this when we bought our current house.
 
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