A guide to buying and selling a property at the same time

Buying a new home while selling your current one can be difficult. However, with careful planning, clear communication, and the right support, it’s entirely manageable. This guide will walk you through the steps to make the process smoother and stress-free.

Understand your financial position

Before you start, determine your budget. Consider things such as your property’s worth and the outstanding balance on your mortgage.

Are you deposit ready or will you need proceeds from the sale?

Choose the right estate agent

A reliable estate agent will be your partner in both selling your current home and potentially helping you find your next one. Look for an agent with:

• Local expertise.
• Proven track record of quick sales.
• Good communication skills to coordinate timings effectively.

Get your property sale-ready

Maximise your property’s appeal to attract buyers:

• Declutter and depersonalise: Create a neutral space for potential buyers.
• Complete repairs: Fix any minor issues to ensure your property looks its best.
• Professional photos: High-quality images and a detailed listing can attract more interest.

Start house-hunting early

Once your property is on the market, search for a new home. Keep in mind:

• Your needs: Make a list of must-haves and nice-to-haves for your new property.
• Flexibility: You may need to compromise if timelines don’t align perfectly.
• Research areas: Ensure you’re looking in neighborhoods that suit your lifestyle.

Coordinate timelines

The key to buying and selling simultaneously is timing. Aim to:

• Match exchange and completion dates: This minimises the gap between moving out and moving in.
• Negotiate flexibility: Work with buyers and sellers to agree on timelines that suit all parties.

Secure your Mortgage Agreement in Principle

A mortgage agreement in principle (AIP) shows sellers you’re a serious buyer. Having this in place can help speed the buying process and give you a clearer idea on your budget.

Understand the chain

You’ll likely be part of a chain when buying and selling simultaneously. This means:

• Communication is key: Regularly contact estate agents, solicitors, and mortgage advisors.
• Be prepared for delays: Chains can sometimes cause unforeseen hold-ups. Be prepared to potentially move into a short-term rental until it completes.

Conclusion

Buying and selling a property simultaneously requires careful planning, but it’s achievable with the right strategy. By staying informed, choosing reliable professionals, and maintaining clear communication, you can successfully navigate this process and move into your next dream home.