The process of buying a new home or selling one is pretty tedious and it requires a lot of patience. Now, imagine if you have to sell your current house and buy a new house, all within the same span! Well, selling a home and buying a house are both massive tasks; very difficult to do simultaneously, but not impossible. Here are some tips and tricks to sell and buy a home at the same time.
1 Plan it out
Before you even start the process of buying or selling, you need to plan it all out. Don’t just plan it out in your head; write it down and plan everything based on a realistic schedule. First and foremost, create a timeline. How long will it take to sell your house? How long will it take to get a mortgage pre-approval? How long will it take for you to move homes? Then, decide on a budget. How much can you afford to spend on your new home without burning a hole in your pocket? Keep in mind there will be a lot of unexpected costs, as well as some hidden costs, in the process of buying and selling a property.
2 Be ready to sell, be ready to buy
As simple as that sounds, it isn’t. You need to be fully prepared to sell your home and buy a new home. For the selling process, you need to ensure that everything in your house is in order. The house needs to be cleaned thoroughly, everything should be appropriately staged, and your house should appeal to the potential buyer. Also, it is very important that you price it right. Alongside, you need to be ready to purchase a new place. To buy a new house, you need to decide on a budget, get approved for a mortgage, be sure of what you’re looking for, and most importantly, you need to remember that this is a long-term investment.
3 Get in touch with local estate agents
Say you’re looking to sell your home in Surrey and you want to move into a bigger house in a similar neighbourhood. You need to get in touch with estate agents in Surrey and start the process of putting your home on the market. Meanwhile, you should start looking at available properties that are well within your budget. It is ideal if you hire an estate agent who can help you sell your home and help you find a new home, as this will make the communication process a whole lot easier. It is essential that you sell your home before buying a new property. Otherwise, you might be stuck paying off the mortgage for two properties! Ask your estate agent to focus on selling your home while you continue to look for potential properties.
4 Have a temporary home ready
Once your property is on the market, you need to have a temporary home. If your house sells tomorrow, you need to have a place where you can shift with your things without delaying the sale process. You can either move in with a friend, move into a rental property, shift into a hotel and keep your stuff in storage or stay with a family member. As soon as the buyer signs the dotted line on the property agreement, you should be ready to shift out. If you’re certain that your house will sell pretty quickly, the best option is to rent a place for a few weeks until you find your new home.
5 Don’t let the stress get to you
Of course, putting your house on the market while you look at multiple properties every single day is never an easy task. This is why it is essential that you never let the stress get to you! Have honest and open communication with your estate agent, as that will give you a fair idea of how long the whole process might take. Don’t try to do it all alone – ask your friends and family for help. If you have a full-time job, take a few days off so that you can actually focus on the two important tasks at hand. And finally, just remember that many people sell and buy homes without any problems, so you really don’t have anything to worry about!
For those of you, who are in the middle of selling their home and buying a new one, get in touch with letting agents in Surrey to find a place that you can call home, temporarily.