There are enormous pros and cons with buying a home before you sell and its important to know what they are. Andrew Winter provides his expert advice.
So you’ve found your dream home. The only problem is you have to sell one to buy one. Should you buy before you sell?
- Only have to move once.
- Time to look around
- settling on a lower price
- need bridging finance
It's recommended you borrow less than 80% of the value of both properties combined to avoid paying Lender's Mortgage Insurance.
Lastly – get the right advice from a reputable mortgage broker. There are all sorts of extra costs, fees and charges that go along with buying before you sell.
Forewarned is forearmed.