advise on selling home

celica1994

im currently looking to downsize to a smaller property and possibly pay off my mortgage, my question is, if bridging loans dont exsist nowadays, how do i go about doing this?

Buddy Bubs

celica1994 wrote: »

im currently looking to downsize to a smaller property and possibly pay off my mortgage, my question is, if bridging loans dont exsist nowadays, how do i go about doing this?

Are you talking about the gap in time between selling existing home and buying new home? I believe you'll either have to rent or move in with friends or family.
Or you could buy new house before selling current house, but I appreciate this isn't always possible.

goingagain

You could buy and sell in the same day.

We’re upgrading and buying and selling in the same day.... hopefully

The people we’re buying off are downsizing and they haven’t found a property to buy yet so are going to rent for a while.

celica1994

yea just seems like an uncertain process, bridging loan would have been ideal but they dont seem to exsist no more

catrionanic

Buying and selling in same day is extremely difficult to achieve unless there are cash buyers/new builds involved. Chains mean there just isn't enough time to get all the banks and solicitors in the chain to work in sync.

We sold our house, moved in with family for a few days and put everything into storage, then moved into the new house 3 days later.

catrionanic

catrionanic wrote: »

We sold our house, moved in with family for a few days and put everything into storage, then moved into the new house 3 days later.

Other than the awkwardness of it all, was that an expensive venture? Moving stuff from the house to storage, storing it for a few days, and then moving it back out of storage to the new house?


Assuming you'd to hire people to help move stuff (maybe you didn't though?) i could imagine that being a pricey thing to do, especially if the sale gets held up?




I'd imagine a lot of people get caught up in this situation. Does seem strange that there's not an easier way of 'officially' doing it.

Vikings

[Deleted User] wrote: »

Other than the awkwardness of it all, was that an expensive venture? Moving stuff from the house to storage, storing it for a few days, and then moving it back out of storage to the new house?


Assuming you'd to hire people to help move stuff (maybe you didn't though?) i could imagine that being a pricey thing to do, especially if the sale gets held up?

I'd imagine a lot of people get caught up in this situation. Does seem strange that there's not an easier way of 'officially' doing it.

It's probably cheaper overall than removal companies.

I'm waiting for a closing date and have half the house in storage right now.

20ft container €200 per month, large van rented from Enterprise for approx. €60/70 per day.

Day X rent van and fill storage unit.
Day Y rent van for the move, take remaining contents from house A to house B.
Day Z collect remaining stuff from storage.

I've also rented large transport boxes but that's an optional expense.

All told it would have cost around ~500 for me had we not experienced delays in our sale.

Vikings

Vikings wrote: »

All told it would have cost around ~500 for me had we not experienced delays in our sale.

That's not as bad as I expected, to be honest. Still a big expense, of course, but not too bad.

catrionanic

[Deleted User] wrote: »

Other than the awkwardness of it all, was that an expensive venture? Moving stuff from the house to storage, storing it for a few days, and then moving it back out of storage to the new house?


Assuming you'd to hire people to help move stuff (maybe you didn't though?) i could imagine that being a pricey thing to do, especially if the sale gets held up?




I'd imagine a lot of people get caught up in this situation. Does seem strange that there's not an easier way of 'officially' doing it.

We got a moving company to collect and load the van, then they unloaded it into their storage facility for a few days, reloaded it and delivered it to our new house. We only needed a small truck as we were moving from a 500sqft house and had sold a lot of our furniture. I think it cost around 500.

Gumbo

celica1994 wrote: »

im currently looking to downsize to a smaller property and possibly pay off my mortgage, my question is, if bridging loans dont exsist nowadays, how do i go about doing this?

I suppose this depends on the values of the properties.

Say you sell your current house for €100
Pay off mortgage of €60
€40 left in account.

Is the new house €40 or less?
If it’s higher then you need a new mortgage.

*obviously figures used for illustration.