Buying Before You Sell

It is a common misconception that purchasing your new home before you have sold your current one is strictly taboo. However, for many reasons, buying and selling (in that order) can be beneficial or sometimes necessary to achieve your property goals. Perhaps you have found the perfect home you simply must have and you’re not quite ready to list your home for sale or maybe you are not willing to part with your beloved home until after you’re sure you have secured your dream house. Whatever the reason, there are a couple of avenues to consider that can make this slightly unorthodox method work for you. - Long settlement. Negotiating a long settlement period on your purchase that gives you plenty of time to list and sell your current place can be a great option. In a strong market, it might not take as long as you expect and you can often re-negotiate to bring settlement forward once you have sold. -Bridging finance. This option allows you to settle on your new home before you have settled on your existing property. In this case, your lender will provide finance allowing you to pay for the new property without the funds being available from your sale. But beware, this is a very expensive way of doing things and the interest rates are high.

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