My wife has told me that she would like to have another baby and that sh would also like to move to a bigger house ( a lot to take in on a Friday morning). We currently own a 3 bed semi d with no mortgage. She has seen a house that she likes and we are viewing it today. ( fast mover my wife). Apparently the bank will lend us 90% of the purchase price and we have the deposit and stamp duty money. My question is: Should we sell our exisiting house before we trade up? Is there any tax implication if we buy the new before we sell the old one. I know the market is slow so it could take a couple of months to shift our 3 bed semi whereas the house of our dreams seems to have come along now.
You're getting all kinds of advice, hopefully this is of some help.
as far as I know you have about 12 months to sell a house after moving out before being liable for CGT
If there was potential to extend your current house this would be a seriously cheaper way of getting more space as you cut out stamp duty, legal bills, hassle of moving, etc
You seem like you have no intention of being a property investor, so if you are intent on moving you should definitely off load your own place first.
Rent is not dead money, and I'm shocked that anyone believes this in 2009. you are paying money for a benefit you get i.e. shelter
My personal opinion is that if you are intent on trading up you could probably get a good deal. You'll need to put in a bit of work at it and view many places and try keep the emotions in check (i.e. dream homes are a myth put out by sellers). There are literally thousands of fine houses on the market at the moment
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