Buying and Selling a Home at the Same Time

Why Buy and Sell at the Same Time?

It’s very common for people to sell their current house and buy another at the same time. This could be due to the need to upsize or downsize your home, due to your family expanding or grown-up children moving out. You could also need to move house for work, or to be close to a better school. Many property investors buy and sell at the same time to upgrade their portfolio or make the most of a buoyant property market. Simultaneous translations can save money, as ideally, you will be able to move out of your old property and into a new one at the same time, reducing the costs of temporary accommodation and freeing up the equity from your old house for the new purchase. There are potential drawbacks too, such as falling into a property chain, poor timing and the risk of financial pressure if a buyer or seller pulls out of the deal.

Should you Buy or Sell First?

There are several pros and cons to buying or selling first. Selling first means that you know exactly how much money you will receive from the sale of your property, and it puts less pressure on you to accept a low offer. The risks are potentially having nowhere to live for a while, creating the need for temporary housing or storage for your belongings.

The pros of buying first mean that you can secure your dream home more quickly, and the house is ready and waiting for you to move in upon your sale, provided that everything aligns perfectly. The drawbacks include the pressure to sell your existing home quickly and the potential need for two mortgages or even a bridging loan.

Get Your Finances in Order

The first step in buying and selling properties is to get your own finances in order. Working out how much you can provide for a deposit on the new property and how much mortgage you will need is essential. You need to know exactly how much equity you will release from your current home and how much you can borrow on a mortgage before you can start looking for a new house. Checking your credit score before approaching mortgage lenders is a good start – there are things you can do to boost your credit score, giving you the chance to borrow more for a mortgage. Reduce any current debts, register to vote if you haven’t done so already, and check for any potential errors in your credit report.

You should also get your current property valued – this can be done online, although it’s always best to have an estate agent come and visit to get a more accurate valuation. You can get valuations from a few different estate agents for a range of expert viewpoints – about three is ideal.

How To Manage a Property Chain

A property chain is when two or more buyers are linked because the sale or purchase of their property depends on each other. If you want to buy a house but the owners are still looking for a new property to move into, then congratulations – you are in a chain. This can be frustrating and can affect multiple buyers and sellers at the same time. Looking for new-build or auction properties can reduce the chances of being caught in a chain, or if you have been in a chain for some time, consider looking for alternative properties. If the sale of your own home falls through, you could try negotiating with the owner of the property you are interested in – they may give you more time to find another buyer.

Choosing the Right Property Professionals

The right mortgage broker and conveyancing solicitor can help your buying and selling process run smoothly and even save you some money. A good mortgage broker can get you the best deal on your mortgage – look for a no-fee mortgage broker to save money. You can register with local estate agents to help you find the best deals on properties for sale – they can even contact you about new properties on the market before they are listed online, giving you the chance to jump in with an early offer. You should also choose a solicitor or conveyancer who is experienced with handling concurrent transactions when buying and selling properties at the same time to reduce the risk of any delays in legal matters and paperwork holding up your sale or purchase. Property investors should consider building a trusted team of professionals to work with on multiple property deals – if you are buying or selling from abroad, you can even hire a buying agent to handle things locally.

Tips For a Smooth Move

Take the time to declutter your home and do some staging to sell faster and get the best price possible. Staging a property can take a little time, but it can increase a property’s value by up to 8-10%. Be proactive with your paperwork and get everything together in advance, including your proof of ID, the property title, EPC certificate and everything else you are going to need for a smooth sale. Keep up on your communication with all parties involved – check your emails regularly and always call people back as soon as you can to keep things moving. You could even line up a removal form early on if needed to avoid any last-minute issues. Investors should always have a backup property or buyer in mind, just in case anyone pulls out of the deal.

Buying and selling properties at the same time is complex, but it can be managed with careful forward planning and the right support from professionals. Having a calm, strategic mindset and early preparation can make all the difference between a chaotic house move and a successful transaction.

Thinking about making your next move? Whether you’re investing or moving house, you can get some insider tips and pro advice from a FREE Assets For Life property event! Click the button below to sign up or learn more.