Some helpful Tips for Successfully Selling and Buying Property Simultaneously
Selling your property in the Dartford and Crayford areas while simultaneously buying another property can be highly stressful. The good news is that a lot of the stress can be mitigated by knowing every step of the process before you take the plunge.
Over a 30-year period, we at Livermores The Estate Agents have assisted literally hundreds of buyers and sellers buy and sell through us at the same time, so we have a pretty good idea of knowing what is required and this short guide can help you through every stage so you can be well-informed and feel confident.
Step 1 - Getting Your Property Valued
The very first step in the buying/selling process is to find out the value of your home. You can start by looking online at the selling price of similar properties in your area to get a rough idea, but of course, the best plan is to contact us for a full and current market appraisal.
Step 2 - Finance
Before you can start looking for a new property, you need to know how much you can afford to spend. Your valuation will let you know what price you can expect to achieve when you sell your home, allowing you to work out how much equity you’ll have. If a mortgage is required for your next purchase, our mortgage advisors will be able to advise you on the most suitable mortgage for you. With this information you’ll get a clearer picture of the price bracket you’re looking at.
Step 3 - Work Out Your Costs
The costs can mount up when moving home. You need to understand your costs as much as possible to avoid any disappointment later. Consider the additional costs like conveyancing, surveyor fees, stamp duty, and removal expenses. We can arrange a ‘Cost of Moving Exercise’ meeting to assist you.
Step 4 - Prepare Your Home
Now you’ve taken the first steps towards buying a new home, it’s time to prepare your existing property for sale. Look at your home from the point of view of a buyer – what would deter you from making an offer on it? Look for anything that needs sprucing up or fixing and get to work on those tasks. We can advise on what is important and what isn’t on preparing your home for sale.
Step 5 - Our Team
The biggest benefit for our clients is the depth of experience our team have of the buying and selling process and the local area which is why so many homeowners choose us as their first-choice agent.
Step 6 - Prepare Your Documentation
Having all of your paperwork prepared and ready to go will speed up the selling process. You’ll need your home’s FENSA certificates (if applicable), EPC, and title deeds to sell your home, as well as ID and proof of income to make your purchase. Our conveyancing colleagues will contact you and advise you on what steps are available to speed up the process before a sale has been agreed.
Step 7 - List Your Property
This step is the most exciting part of the process as it’s the stage where we begin the marketing. You can also start searching for your ideal new home. Remember, though, that it’s highly unlikely that you will get an offer agreed until we have a buyer for your own home.
Step 8 - Agree to a Sale
Although you may be tempted to take the highest offer on your property, it’s important to weigh everything up before you jump in. It’s essential to examine the purchaser’s position first to check they’re in a proceedable position and motivated to move. We will make recommendations on every offer to help you make a decision.
Step 9 - Get an Offer Accepted
Once you’ve agreed to your sale, you need to make an offer on your next home and get it accepted.
Step 10 - Finalise the Mortgage
Our mortgage advisor will now begin a full application on your next purchase (if required).
Step 11 - Begin the Conveyancing Process
Our conveyancing colleagues will have already started work on your existing property and will now start the process on your next purchase.
Step 12 - Instruct Your Surveyor
Your mortgage provider will require a valuation of your chosen property, but that’s for their benefit and not yours. You should instruct your own surveyor to give you the peace of mind that comes with knowing the home you plan to purchase is in good condition.
Step 13 - Sales Progression
It is at this stage where our experienced sales progression team will start liaising between all parties to proceed to exchange of contracts.
Step 14 - Set the Dates for Exchange of Contracts and Completion
Once everything is in place you will be able to agree a time to exchange contracts with the other parties and set a completion date.
Step 15 - Prepare to Move
You’re now on the homeward stretch to completion. Start packing and choose the right removal company. Ensure your existing home is clean and ready for its new owner to move into, and ensure everything is in order for your move to run smoothly.
……….and Finally
This is a very simplified guide to the whole process, as it is impossible to mention many of the situations that can be experienced during buying and selling, but with our team on your side, you can be assured that you will be in the best hands.
If you’re ready to start get in touch with the Livermores The Estate Agents team today on 01322228090 or 01322 550777, alternatively please email sales@livermores.co.uk. We consider ourselves to be the expert agents for buying and selling properties in the Dartford and Crayford areas. We look forward to helping you through the buying and selling process.