When do I sell ?

[Frank]

I signed contracts on a new place a year ago.

It is supposed to be ready in Spring next year. Nice and vague 3 months.

I have to sell my current house for the move.

I know it is all objective, but when should I look at selling?

Obviously I would like the change over period to be as short as possible in the interest of me not being homeless.

Although on the other hand I know things could get messy if a sale drags on and builder actually finishes before I am ready.

Against that I am well aware that normal case is that build drags out potentialy weeks months worst case years.

I know it is a how long is a piece of string question, but I would be interested in peoples comments and experience.

 

[Sarah W]

As a vendor you can stipulate that you want a fast or slow closing - you are in control of the process rather than the purchaser. As long as you make the estate agent/bidders aware that you are dependent on your new house being ready then no one will be messed about (much!). Talk to all your local estate agents and get their advice - by the law of averages one should get it about right.......

Sarah

www.rea.ie

 

[Frank]

Thanks Sarah.

Just on a curiousity when should someone give me a firm date? Spring next year is a little on the vague side.

Frank

 

[Tonio]

I am in a similar position.

Just put a booking deposit on a place in Cork. Have been told it is likely to be ready next summer but I have been told that the contract will include an 18 month completion clause i.e. giving the builder up to 18 months to complete it. This house also has a requirement to pay stage payments (apparently most of Cork still does).

I am currently living in Meath. When should I put my house on the market? Will I be able to get a mortgage and draw down the stage payments before selling my current place? I would be paying two mortgages for a few months. The alternative is to sell now and rent but the monthly outgoings would be similar to paying two mortgages and I would lose out on any potential increase in house prices (however small) between now and next summer.

Would welcome your advice...