Wednesday, May 29, 2024

7 Smart Guide Plans To Buy And Sell House At The Same Time

Looking at potential new homes while attempting to sell your current home can be pretty daunting, and rather exhausting. From staging your home to attending open houses, from hiring estate agents to applying for a pre mortgage approval, there is so much to do! If only there was a housing selling guide coupled with a house buying guide to make the process of buying and selling seamless. Well, here are 7 tips and guides to buy and sell your house at the same without any hassle. 

1 Plan everything in advance

In order to seamlessly sell your current house and buy your new house, all at the same time, you need to be very organised and systematic. To do that, you need to start planning well in advance. For one, you need to keep some money aside for the down payment of your new property, just in case you do not manage to sell your house in time. Also, you need to apply for a pre mortgage approval or you need to transfer your alter your existing mortgage, depending on the status of your mortgage repayment. Also, you need to keep some money aside for repairs, cleaning, inspections, surveys and so on. Essentially, you need to do all your paperwork in advance and have a fair idea of how you want to go about the process of buying and selling to make sure everything is systematic and easy.

2 Make sure your current home is ready to sell

If you’re planning on buying a new house while selling your existing house, you need to make sure that your current house is ready to sell. That means you need to clean the property, repaint the interiors and the exteriors, stage the interiors, hire professionals to take good quality photographs, hire an estate agent and make the required repairs. Once everything is in order, you can easily list your home on the property market while you look at potential new properties. That way, as soon as you find a potential new buyer who is offering you a good price, you can close the deal. The sooner you start getting your home ready to sell, the better.

3 Start decluttering

The process of decluttering can take days, if not weeks. And then, to actually pack up all your personal items and shift houses will take its own sweet time. So, in order to quicken the process and to make the move easy, consider decluttering. Get rid of utensils that you do not use, give away old clothes and toys, get rid of broken furniture and throw away anything that you no longer require. Once you have decluttered your home, it becomes much easier to pack up your remaining things and move them into your new home. If you end up selling your home before you find a new place, you can always move your things to a storage unit until you are ready to shift into your new home. 

4 Always factor in the cost of your new home

If you are selling your current home for £270,000 and your new home will cost around £290,000, you only need to cover a few thousand pounds. But, what if your current home doesn’t sell for more than £250,000 and the property you love is priced at £300,000. That can be a game-changer. So, always make sure you factor in the cost of buying your new home. Otherwise, you might be stuck buying a house you cannot afford! 

5 Timing is everything

To seamlessly sell your current house and buy your new home, you need to get the timing right. It is always a good idea to sit down with your estate agent, financial expert and legal advisor to figure out when you should sell and when you should buy. For instance, once your home is ready to sell, you should start looking at potential new properties. Once you have found a property that you like, hire a property inspector and a property surveyor to thoroughly check the property. After that, you need to make a good offer so that the odds of your offer getting accepted are higher. Once the negotiations are complete, you need to decide on a date of purchase. Meanwhile, ask your estate agent to sell your current house by that time period. That way, you can literally sell your new house in the morning and purchase your new home in the evening. 

6 Get ready to buy your new home   

First and foremost, you need to make sure that your finances are in order. Will you be using the money from the sale of your home to make the down payment or will you keep some money aside to make the payment? Get in touch with multiple banks and lenders and figure out the best mortgage options for you. If you are still paying the mortgage on your current home, then you might want to figure out your finances before you apply for a pre mortgage approval. Meet multiple estate agents and shortlist the ones that are right for you. You do not have to use the same estate agents to buy and sell, but you need to figure out what works best as per your circumstances. That way, once you find a property that you are ready to call your new home, all you need to do is make a good offer.

7 Look at short term rentals

Image, you manage to sell your home within one month of putting it on the market but you have not found any property that you like. Now, you need to move out as the deal is done, but you do not have a place to move into. Staying in a hotel isn’t always an option. Well, life isn’t perfect and sometimes things do not go according to plan. In that case, you need to have yourself covered. So, while you are putting your home on the market and you are looking at new properties, make sure that you also look at some short term rentals. In case your home sells but you are unable to find a new home, you can always move into a short term rental for a few weeks or months. 

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