What Are Your Options When Buying and Selling a House at the Same Time?
Some of the options available when considering selling and buying a house at the same time are to:
Sell first and have the money ready to go house hunting and buy another property;
- Sell first and wait until the property market changes to your advantage before buying;
- Dispose of the property first using a We Buy Any House company for a quick turnover;
- Sell first by “selling your property back to the bank”;
- Start the purchase process first using your own funds / savings and be prepared to own two properties at once;
- Initiate the purchase process first using a bridging loan;
- Start the purchase process first using a loan from a family member or friend;
- Start the purchase process first using a home-buying company;
- Rent out part or all of your existing property, then remortgage to fund your new house purchase…
In short, selling in order to “free up” the funds that will allow you to complete your upcoming property purchase is a better way forward. If not, the pressure will be on you to complete the transaction as quickly as possible so the chain can continue.For this reason, selling your property first and buying a new one with the readily available funds to go house hunting is usually the wisest choice.