Two Birds, One Stone: A Strategic Guide to Simultaneous Home Buying and Selling:

Thinking of buying and selling your house simultaneously? Don't be discouraged by the complexity; it can be a smooth process with the right approach.

Selling your current home while searching for a new one may seem challenging. Still, it offers control over the process, avoiding a rushed sale when you find your dream home and positioning you favourably for a successful offer.

How Does It Work?

Buying and selling concurrently involves a collaborative effort, aligning everyone involved toward a common goal. One of the trickiest aspects is agreeing on time frames, considering personal red lines like crucial events or commitments. Flexibility and clear communication at every stage are crucial.

Key Stages:

Property Valuation:

Understand the value of your current home to avoid overestimating your budget for a new house.

Real Estate Agent Search:

It is recommended that you speak with 3 local agents and choose one who can help prioritise your requirements and identify potential areas for compromise.

Solicitor Instruction:

Begin early to handle legal aspects promptly, gather necessary documents, and resolve any potential issues.

Building Surveyor:

Engage a surveyor early to stay ahead when you find a property you wish to buy.

Leasehold Consideration:

If your property is leasehold, communicate with the managing agent and ensure the management pack is prepared.

Cost Assessment:

Factor in professional fees, stamp duty, moving costs, and check for any redemption penalties on your existing mortgage.

Buying Before Selling?

Contrary to belief, buying a new house before selling isn't necessarily easier, especially if you rely on the funds from your sale. Most sellers prefer serious buyers, showcasing stability by having your own house on the market.

Completion Day:

The final step involves completion day, where funds transfer along the chain, and keys are exchanged in a domino effect. Adequate preparation is essential—set realistic time frames, plan for packing, and ensure clear communication about key exchanges.

Things to consider:

Cost Consideration:

The key costs remain similar, but additional expenses like storage and double removal costs can arise if you sell, rent, and then buy.

Buying Before Selling:

You can look at properties and express interest, but most sellers prefer proceedable buyers.

Putting an Offer Before Selling:

Yes, you can put in an offer, and agents are obligated to report it to their clients. The seller decides based on the offer amount and the buyer's position.

Bridging Loan Possibility:

While feasible, bridging loans can be expensive, and time constraints may lead to selling under pressure.

Navigating the simultaneous buying and selling process requires careful planning, communication, and realistic expectations. With the right approach, it can be a manageable and successful journey in the real estate market.

Written by Veera Josey, 7th January 2024.