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Stepping up to your next home

Stepping up to your next home

A lot of people who want to change their homes start shopping or looking around for houses before they put their own place on the market. This is natural as they want to see what is on the market etc.

It also poses problems when you find a property that you would love to own and want to make an offer on. The offer must be subject to sale of your property. This is often not the most attractive offer to the vendor especially if your property is not yet listed for sale.

Options to consider

  1. Try to list and sell your property prior to seriously looking at other homes. This can make you a cash buyer for your next property and puts you a much better buying position.
  2. Talk to me regarding applying for finance for both your existing place and the new purchase. This is sometimes viable depending on your incomes and other commitments. It may allow you to make an offer and purchase the new property without having to rely on the sale of your own home first. If you can negotiate a deferred settlement on the new place, you may even have sold yours by the time you have to settle.
  3. You may wish to consider keeping your old home as a rental property. This way there would be rental income to help pay for the two mortgages and you will retain an asset that will grow in value over time. With the correct advice, you may be able to transfer the equity from your old home to your new one thereby making the rental property as tax efficient as possible.

Contact me now to arrange pre-approval or to discuss options.