How to juggle buying and selling your property
Buying and selling simultaneously is a real juggling act, and most homeowners ask the same question - should I sell my house or find a home to buy first?
Of course, you don’t want to put your home on the market without knowing where you might be moving to. You could sell straight away and end up without a place to live. Similarly, if you find the house of your dreams, you’ll need to sell your home quickly to avoid losing it to another buyer.
What should you do for the best?
You could consider selling your property and moving into a rented home for a year or so while searching for your dream home. However, this option can be costly, as you’ll be spending money on rent rather than paying off your mortgage. Additionally, finding a rental property could be challenging. Currently, there are not enough properties to fill the rental market. Also, what if the market changes while you’re renting? Rising interest rates could affect your future mortgage payments or increasing property prices could push your desired home out of reach. For many, stepping off the property ladder is simply not an option.
Selling your home
The first step is to get your home on the market, as nothing can happen until it’s listed. It takes time to prepare marketing materials and get everything ready for the launch, so there’s no need to look at properties seriously just yet—although it might be fun to start browsing.
Generating interest
Your property won’t sell without buyer interest, so this is a good time to stay patient. It’s best not to get too serious about other properties until you have a genuine interest in your own. Falling in love with a property now might lead to disappointment if you’re not ready to buy yet. Keep an eye on the market, but don’t rush into anything.
Offers
Once you start receiving offers, your potential buyers will have a projected timeframe for completing the sale. You can only commit to a timescale if you know where you’ll be moving to and what the seller of that property is planning. This is the moment to start seriously considering your next home—it’s time to go property shopping! When you accept an offer on your property and negotiate to buy your next one, the key to success is managing the sale and the related chain effectively. And it all comes down to communication
Communication Is Key
In any property transaction, not knowing what’s happening can lead to frustration and stress for everyone involved. If you’re unaware of what’s going on with the other parties in the chain, you’ll likely feel out of control. It is essential to stay in close contact with your estate agent, solicitor, and financial advisor. Regular updates with all parties including those in the rest of the chain, will ensure that everyone knows what’s happening and when. This keeps you informed and in control of the situation.
The Role of Your Estate Agent
Your estate agent is the lynchpin of the entire process. At Kallars, we make it our priority to keep in touch with all buyers, sellers, and other agents in the chain, ensuring you’re fully informed every step of the way. By maintaining regular communication with us, you’ll reduce stress and stay updated on the status of your move. When it’s time to coordinate your moving day, you and your buyers will be well-prepared, avoiding any last-minute surprises.
If you’re considering moving house, the first task is to get your property on the market. Get in touch with the Kallars team of experts to get the ball rolling on your move to your dream home.
