Even if you can afford the bridging loan I wouldn't hun. Thing is moving, selling buying is stressful enough when things go smoothly let alone throwing the stress of not selling your house in the loop. Plus as someone else mentioned you may be tempted to take the first offer you get just so you make sure you sell rather than waiting and getting the best possible price. Although this might seem to be the perfect house I am sure you will find something else, as much as it sucks having to let it go. You could put in the offer subject to sale and see what happens though. You never know - it might be the best offer they get and if they accept, if they don't well it wasn't meant to be?! oxox Good luck deciding.
We bought a new home before we sold our primary residence ... and found ourselves paying off 3 home loans (one house was an investment) for over 6 months. We thought our firstprimary residence would sell quickly, and it took over 6 months. We made ends meet ... just. It was a tough time, but we sure celebrated when we sold! So keep that in mind, unless you're almost guaranteed of selling at auction or before.
And then, no. If you find the perfect house that's within your overall budget, you'd be mad to let it go if you're sure you can sell your other home.
TBH I think buying before selling could be quite risky!!
I have a friend who just did that, bought a new house subject to the old one selling, moved into the new house and their house didn't sell so they had to give up the new house they were already living in, sold their old house at a loss and now have had to buy something different.
BUT if you think that another house won't come up and yours will def sell maybe see if you can buy on conditions that your house sells?
We bought our house with a conditional contract - well, technically, my mum bought it, as she was selling her house to move into a flat anyway. Fortunately she got an offer on her house straight away - it wasn't at auction - but it got a bit tricky when her buyer had to delay settlement which in turn delayed our settlement (and our seller's settlement too, and they had bridging finance). In the end it worked out though. From experience, prepare for the seller to not be as flexible with accepting lower offers if you want a conditional contract, and have bridging finance lined up because they do have an opt out - if they get a non-conditional offer they require settlement within (I think) forty-eight hours or they can opt out.
Thing is moving, selling buying is stressful enough when things go smoothly let alone throwing the stress of not selling your house in the loop. Plus as someone else mentioned you may be tempted to take the first offer you get just so you make sure you sell rather than waiting and getting the best possible price. Although this might seem to be the perfect house I am sure you will find something else, as much as it sucks having to let it go. You could put in the offer subject to sale and see what happens though. You never know - it might be the best offer they get and if they accept, if they don't well it wasn't meant to be?! oxox Good luck deciding.
Reply With Quote
Bookmarks