Buying your first home can be a long, complicated and stressful process. It may seem like one of the hardest things you ever have to do. Then you decide you want to move, and you have to sell and buy a property at the same time. Suddenly, purchasing your first home doesn’t seem that bad anymore. Trying to coordinate the sale of one property and the purchase of another can give you plenty of sleepless nights. There’s so much to do, from sorting out mortgages to finding a buyer for your current property. It can cost you a lot of money and take you more time than you would like. Try these tips to learn how to juggle both buying and selling at the same time.
Start the Mortgage Process ASAP
If you decide you want to move house, your first thought might be to wonder what will happen to your mortgage. There are usually two options for selling your home and buying a new one. Most mortgages are portable, meaning that you can transfer them from your old home to your new one. However, not everyone decides that they want to do that. Some people choose to take the opportunity to look for a better deal on their mortgage. If you wish to do this, there are a few things to keep in mind. Remortgaging can mean that there are penalties to pay, so you need to consider if there are any. You may be able to find a better mortgage and save some money.
Use One Estate Agent
When you buy and sell your home, you need to list your current property and start looking at new ones. Some people might decide to do both at exactly the same time, while others may sell first or buy first. When it’s time to switch to a new home, you can make things easier by using the same estate agent for both processes. If you want to save money, one of the best things you can do is use an online estate agent, such as Real Hot Property. It reduces the fees you have to pay, although it does mean there are some things to handle yourself. For example, you may have to show people around your home instead of having a realtor do it for you.
Choose the Right Time
One of the things most people ask is when it’s the right time to buy or sell. If you list your property or start looking for a new one at the wrong time, things could take longer. You want to have your property snatched up quickly and to have lots of choice when you look for a new home. Spring is usually recommended as the best time to sell your home because people aren’t busy with other things. There may also be a lot of people trying to buy at that time, but there should be plenty of properties on the market too.
It’s very hard to sell and purchase a property at the same time. You may not be able to get the timing exactly right, but you can try to keep the costs down and get the best deal.