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Trading Up to a New Build

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  • 12-11-2022 9:43pm
    #1
    brainiac
    Registered Users Posts: 536 ✭✭✭


    Hi All,

    Once we're serious about this, I will likely discuss with a broker / our current mortgage provider, but i'm struggling to find consistent information on how our situation might work.

    We are interested in trading up to a new house (preferably) at some point next year (all going well). Our current house should net about €75k profit after sale.

    Without the obvious selling in advance, storing or selling all our stuff and renting / staying with a friend for a few weeks - month. How common would it be to use that €75k profit as our cash amount on selling day, and moving in at the same time?

    Semantically, im sure it could go many ways but our main question is, Can we use that profit as the deposit / cash element, or would we need to have the cash in advance usually? We would obviously have any booking fee / solicitors fees etc seperate to this.

    Thanks!



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    #2
    raxy
    Registered Users Posts: 843 ✭✭✭raxy


    You would need whatever deposit is required by the developer but other than that you should be able to use the balance to buy the new place.

    What you may find the bigger problem is getting a developer to take your deposit. A lot of them won't even put your name on a waiting list while you have your own house to sell. might depend on where you are looking to buy though.

    We thought about moving last year as we need more space. Had our names down on lists to find out when developments went on sale but never got called back. Rang 1 place who wanted us to come out and view a show house even though they wouldn't put our name on the waiting list because we would have to sell as well.



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