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Sell recently bought to buy another

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  • 13-07-2020 9:25am
    #1
    Jasminecat
    Registered Users Posts: 26 ✭


    Hi all, has anyone purchased a house, moved in and realised property is really not for them? My family and I rushed bought and now with the amount of work we need to do and not happy with the area, looking at buying a house in a more suitable area of same county seems like better option for us rather han doing the work. How does this work with the banks? Would we have to sell our house, wait for sale to go through before putting offers on elsewhere? Would we just be swapping mortgage over to new property?


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    #2
    awec
    Administrators Posts: 53,373 Admin ✭✭✭✭✭awec


    You sell, use that money to clear the mortgage, and then buy elsewhere with a new mortgage.

    At the end of the process you'll be down thousands of euro, expensive mistake to make.


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    #3
    daheff
    Registered Users Posts: 5,834 ✭✭✭daheff


    Is it the location that's the problem or the work needed on the house?

    If it's location, then no amount of money will make that right.


    If it's the work needed then you need to cost how much it will be to do that vs cost of selling & buying. Legal feesx2 + stamp duty + moving fees + costs of doing up a new place+ price differential. If the cost of all that is less than what you need to pay for the first house then move. Otherwise you are better off staying put & doing up the property.


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    #4
    awec
    Administrators Posts: 53,373 Admin ✭✭✭✭✭awec


    Also worth pointing out you'll need 20% of the purchase price of the new property, so you will need to either have that in savings, or have that in equity in your current house.


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