Upgrading - how to?

namurt

Have tried google but didn't find anything useful so hoping for some more luck here. Having just gotten married we're now thinking of upgrading to a bigger and better house. The house we're in now is mine and I'm just wondering what's the best way to go about selling and buying.

• Should I put this place up for sale first or should we find a new place first? (I'm assuming the ideal situation is that both happen at the same time, but what are the chances of that!!!!!)
• If we find a new place but it takes a while to sell here will the mortgage company accept that at some stage the current mortgage will be paid off or will they look at our earnings and say there's no way we could pay both mortgages?

Basically I haven't a clue how it should all work so any info or links would be much appreciated.

the_syco

How much did you buy your current house for, how much of it have you paid off, and how much would it sell for these days (look at daft.ie to see how much houses in your area are selling for)?

Ortiz

First off i'd call an EA out to get your house valued as you might not clear your current mortgage even if you do sell which may not be what you're thinking.

Second of all try selling your place first. This could and probably will take months to sell and a lot longer if you're not priced right and realistic.

Third of all rent while looking for a new place. I'd personally rent for the next year and analyse the market then, but I understand if you're eager to move also having just gotten married so find a short term place and start your search.

These answer your second question also. Wait and sell your property, then apply for a mortgage and begin house hunting

namurt

To answer your question syco (without going into specifics) there are a couple of houses the same as this on daft for quite a bit higher than I'd been hoping for, so even if I sold for a good bit less than what's advertised I'd still have enough to pay off the current mortgage and be left with more than I'd hoped for.

Thanks for the advice Ortiz. The idea of renting could actually work out well. Probably a bit more hassle moving everything twice but a good way to be sure we're happy with an area before buying there.

I just find myself being drawn to daft and thinking "that place is perfect and if we wait it'll be gone", but I guess I'll just have to be practical about it.

Victor

namurt wrote: »

[*]Should I put this place up for sale first or should we find a new place first? (I'm assuming the ideal situation is that both happen at the same time, but what are the chances of that!!!!!)

I think suss things out first - go look at some properties and see what people looking for. However, I think you need to have some sort of expression of interest in your own place before you get serious about somewhere.

[*]If we find a new place but it takes a while to sell here will the mortgage company accept that at some stage the current mortgage will be paid off or will they look at our earnings and say there's no way we could pay both mortgages?

Its good that you have built up equity, but any bank will be nervous about havings customers will more than one mortgage.