Young couples

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We already own a property. Should we sell it before moving to a new home?

Finding a buyer for your current family home before purchasing a new one is usually recommended, for a number of reasons:
  • If you buy a new property first, you may find yourself in the position of having to make mortgage repayments on two houses at the same time (if your house does not sell in a timely fashion, or for the price you expect).  This might put you under unnecessary financial strain.
  • With your current property sold, you’ll know exactly how much money you’ll have available for your next property.  Being a cash buyer may give you better leverage on the pricing and terms of your new property.
Some financial advisors recommend that you never sell a property, but keep the first property as a rental, and use the income to help finance your next home.  This is only realistic to achieve if you have the sufficient financial means to do so.  Speak to a financial advisor or First National Real Estate agent for advice.
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