Selling an old apartment and buying a new one at the same time is a balancing act, but one that is very common. In this article, you will have all the possible options in front of you. Read it to decide which ones are right for you. If you follow these tips, you can create a plan to make the entire buying and selling process go smoothly. In addition, thanks to a real estate hunter, you will also be able to balance your transaction costs and save time!
Buying an apartment before selling the old one is, honestly, the trickier of the two methods. But it is not impossible. Sometimes, however, you can find your dream apartment right from the start of your search. If this happens to you, here are your options.
The easiest way to deal with this scenario is to include a door-to-door sales contingency. This contingency gives you a set period of time to find a buyer for your old apartment before moving into your new home. If you can't find a buyer in time, you can try to extend the contract or get out of the deal.
While this option sounds too good to be true, unfortunately, for the most part, it is. Indeed, this possibility of sale is not used much nowadays. Naturally, sellers don't like it because it offers very little, if any, assurance that the buyer will actually be able to buy the apartment. You are, of course, free to include this clause in any offers you make, but be aware that it could negatively impact the strength of your offer.
A bridging loan is another option to help you deal with the financial pressure of buying an apartment before selling. Bridge loans are short-term loans that allow you to pay off the mortgage on your own home so you don't have to bear that cost. Then, when your home is sold, you'll use the proceeds to pay off the bridging loans.
That said, bridging loans are a gamble. They often come with strict conditions and high interest rates. For a bridge loan to work, both settlements must go off without a hitch. Even if there is a problem with the settlement of your old house, you will have to find the necessary funds to repay on time.
Owning two properties at the same time will undoubtedly be a stretch financially. However, if you can afford to do it, it is also the safest option. It allows you to submit offers on new apartments without having to worry about taking out a new loan.
Selling a house before buying an apartment is a financially safer option. This way you will know exactly how much money you need to spend on a new property. However, this method is not without risks. Be sure to hire a Paris property hunter for advice. Here's how to do it.
This is the easiest way to avoid hassle. If possible, make the settlement date for your new apartment fall on the same day as your old home closed. In this way, you can move directly from one accommodation to another.
If all options fail, you can always find a short-term rental before buying an apartment and staying there. The biggest issue here is the cost. Short-term rentals are often more expensive. Additionally, you may need to invest in some storage options to hold your excess possessions until it's time to move. For more advice on buying an apartment, click here< /p>
Parisearch is a real estate agency in Paris.
Connected 24 hours a day to the market and its network, it responds to all requests for research or sales of real estate in Paris and the Ile-de-France.
Its objective is to accompany its customers in the realization of their project of life by securing their step and by allowing them to reach rare goods (off-market) which will make their happiness and will answer perfectly their criteria.