In an ideal world, you want to sell a property as soon as it hits the market and have all the time you need to fund your next dream house. However, in most cases, you may need to buy and sell a property at the same time, which may seem like a complicated and confusing process. Although you may not be able to control everything that happens during this process, there are some steps you can take to minimise stress and make sure things run as smoothly as possible. Below you will find our top tips for buying a new property while also selling your current one.
Work Out Your Finances
Firstly, it’s important to get your head around your finances. This will help you understand how much you can afford to spend on your next property and how much equity you have in your current house. To ensure everything goes as smoothly as possible, you’ll need to consider different obstacles that you may encounter. For example, if your new property is more expensive, the deposit required will likely be higher than the deposit you’ll receive for your current home. As a result, you may need to find extra cash to ensure you’re financially prepared to start this process.
Take Out A Bridging Loan
A bridging loan is designed to help you bridge the gap between purchasing your new home and selling your old property. In some cases, you may even want to buy a house before you sell, so it’s best to use a bridging loan calculator. Advias offers a handy bridging finance calculator that can be used to determine whether a bridging loan is worth pursuing and what repayments will be manageable. It can provide you with quick calculations, considering interest rates and fees.This will allow you to set your limits ahead of enquiry, ensuring that taking out a bridging loan will suit your financial situation.
Find The Right Documents
When buying and selling a property simultaneously, it’s essential to supply any important documents as soon as they’re requested to avoid delays. Therefore, you should look for the right documents as early as possible. For instance, you’ll need to provide proof of ID and other documents like proof of address to secure a mortgage. Also, you may need to supply guarantees for any new appliances, electrical certificates for any rewiring, as well as records of servicing the boiler. Be sure to gather all the necessary documents and give them to your conveyancing solicitor.
Prepare Your Home For Sale
It’s important to get your home sale-ready so that you can achieve the highest price possible. This means that you may need to use some techniques to increase the value of your home and sell it faster. For example, this may involve decluttering your home and possibly removing any bulky furniture. Also, to make rooms seem brighter and bigger, you may want to paint your house a neutral colour. You’ll also need to think about maximising your kerb appeal by ensuring that the windows are well-maintained and the roof is in good condition.
Speak To An Experienced Real Estate Agent
Homeowners often find this process overwhelming, which means it may be helpful to have a professional on your side. You may consider hiring an experienced real estate agent who can help you analyse the local market and determine the market value of your current property. They can use their expertise and knowledge to guide you to the best listing price. In addition, they should be able to answer any questions or concerns you may have about buying and selling at the same time. This way, you will be able to choose the best strategy to follow.
Start Searching Early
If you want to make this process easier and reduce stress, starting looking for your new property as early as possible is best. While you’re preparing your current home for sale, you’ll also want to shop around for houses to see what is available. As a result, you can narrow down your options and find the best property for your needs more quickly. This will allow you to look at specific areas and consider different types of properties before listing your current property.
Contact Your Conveyancing Solicitor
Finally, it’s crucial to contact your conveyancing solicitor without delay. Before exchanging contacts, your solicitor will have to conduct local searches. The process should move smoothly, but it’s also possible that you may not be happy with the level of communication or the speed of the process.In this case, you may need to find a new case handler, if things don’t get better. There are many areas you will need to check to ensure peace of mind. For example, the seller will need to provide building control certificates if the property you’re considering has undergone any building works.
