Buying a property is difficult all on its own, so when you’re also selling your property at the same time, stress can easily rear its ugly head and make everything ten times worse. Property chains can cause a lot of headaches, with the risk of other homebuyers pulling out and causing all the deals to fall through. The best way to limit stress and keep the process moving is ensuring you are prepared for every outcome.
Get your property valued
First, you need to have a clear idea of how much your home is worth and what you can put it up on the market for – this valuation is not set in stone and you can increase or decrease the price. There are free online valuation tools; however, you should also have estate agents come over and give you their professional advice. Have at least three estate agents view the property so that you gain a reliable asking price – some estate agents will offer you a high valuation so that you go with them.
Look over your finances
How much can you afford to spend on your next house? Is there going to be a lengthy chain? Also, once the contracts are exchanged, you’ll have to pay the deposit. While you will most likely be able to pay for your new house’s deposit with the deposit used to buy your property, if your new house is more expensive, you will have to bridge the gap. Investing in a bridging loan from Friends Capital can ensure you have the funds.
Remember that additional costs like stamp duty will also need to be accounted for – while this may be able to be absorbed into your mortgage, it is still a large cost that shouldn’t be overlooked.
Meet with a mortgage broker
If the above is all too confusing, then speak with a mortgage broker. They can help guide you through the buying and selling processes, reducing the stress you may feel.
Put your property on the market
Once you’ve found the estate agent that suits you best, it is time to put your property on the market. They may also be able to help you find your next home. Remember to compare estate agents: see how reliable they are, as well as trustworthy and dependable.
Find a property
Finding a property that you love may not sound hard to do, but it can be especially difficult when you have to keep your head on your shoulders and ensure the property is within your budget and structurally sound.
The property in question should undergo a property survey so that you know how much work needs to be done. While a house may look like it’s ready to be moved into, there could be hidden issues that could end up being costly to fix – you want to avoid such nasty surprises.
Find a conveyancing solicitor
A conveyancing solicitor will need to be called in so that they can review the properties. Ensure you have a conveyancing solicitor that is proactive so that the process doesn’t get drawn out. Be sure to read, sign and return paper as quickly as possible.
Set a completion date
A completion date can be set once all documents have been signed and the properties have been reviewed and everyone is happy. What is a completion date? Well, it is the date when all the funds are transferred and exchanged, and the keys are handed over to the new owners.