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Buy your new home or sell your old one first?

Category General Property News

Buy your new home or sell your old one first?

 

When it comes to selling your existing home and buying a new home, there is no hard and fast rule about which one should come first.

 

Financially it may be wiser to sell your existing house before you buy another as you will then only be paying off one home loan at a time.

 

The process of selling one home and buying another often happens simultaneously.

 

In the Offer to Purchase, there are many conditions of sale that can be included to suit both the Buyer and Seller.

 

Clauses commonly found in this contract include:

- A specified time period for the sale of the house in question 

- The sale being subject to the initial homeowner purchasing a new property.

 

Other conditions of a sale include finance approval, and occupational rental dates.

 

If there is a substantial period of time between selling and buying, including an occupational rental clause in the condition of sale could be the easiest and least risky option for the Seller. 

 

Author: Property24

Submitted 05 Apr 17 / Views 551