How to successfully buy and sell a house at the same time in Bromley (without losing your mind!)
Buying and selling a house at the same time can be an overwhelming experience, but it doesn't have to be. For a stress-free experience, you need to not only have a plan but you also need the right team around you. With the right strategy and some planning, you can successfully simultaneously buy and sell a house without feeling like you're going to lose your mind in the process.
Do your research
The first step is to do your research. Start by researching the current Bromley property market to get an idea of what is selling and which properties you may be interested in. Check out local real estate agents, take a look at property listings online, and compare prices of similar houses. This will give you a better understanding of what is happening locally, although for the best insight speak to local estate agents. They will know if there are variations from street to street, trends that they can see happening, and will be able to provide you with clear and honest advice that can help you make smart decisions going forward.
Get your finances in order
It is essential to make sure you have all your finances in order before you start. This means having a good credit score and knowing exactly what your budget is. You should also have an idea of the amount you will need for a deposit, as well as any other costs associated with the purchase or sale of a home. If you are taking out a mortgage, make sure you understand the terms of the loan in principal before you commit. Having a clear understanding of your finances from the outset can help to make the sales process smoother and less stressful.
Find the right estate agent
When you’re looking to buy and sell a house at the same time, it’s important to find an estate agent to sell your home who can help make the process as stress free as possible. When searching for the right estate agent, there are several important factors to consider.
First, should also make sure that the estate agent is active in Bromley and has experience selling similar properties in your area. An experienced estate agent will have an in-depth knowledge of local market trends and will be able to provide you with helpful advice and guidance throughout the process.
It’s also important to find an estate agent who is actually interested in you and your home. Ask potential agents questions about their services and pay close attention to how they respond. A good estate agent will be passionate about their work and will be willing to go above and beyond to get your property sold.
Finally, it’s a good idea to ask for evidence that the estate agent gets results. Ask for a portfolio of recent sales and references from happy clients. Check out their marketing strategy: what is the quality of the photographs and videos – do they catch your eye? What are their plans for your property? This will give you an insight into the agent’s track record and will help you make an informed decision when choosing the right estate agent for you.
Put your house on the market
Once you have all the preparations taken care of, it's time to put your house on the market with your chosen estate agent. This can be a nerve-racking process, so make sure you have the right support and advice to ensure the process runs as smoothly as possible.
Before putting your house on the market, make sure that any legal matters concerning the property have been resolved. This includes obtaining an Energy Performance Certificate (EPC). By putting your house on the market, you are one step closer to finding a buyer and being able to move in to your new home.
Start looking for your new home
Now that your house is on the market, it’s time to start looking for your new home. This can be an exciting time, but it’s important to be realistic. You may have to compromise on some of your criteria for the perfect property.
When looking for a new property, consider what is most important to you – is it location, size, style or another factor? Think about the type of property that would suit your needs and wants, and stick within your budget. If your ideal home is outside your budget, try to look at houses that are close to what you want and could, potentially, be updated.
Take your time searching for a new home and don’t rush into any decisions.
Negotiate
Negotiation is a key part of the process when you’re buying and selling a house at the same time. You need to ensure that you get the best price for your old home, while also making sure you’re paying the right price for your new one. Your estate agent will be your main negotiator in this process, so make sure you have chosen one with a proven track record of successful negotiation.
When it comes to the sale of your current home, the aim is usually to achieve a quick sale at the highest possible price. The most important thing to remember is that while you may want to get the best possible deal you also need to take into account the time it will take to complete the transaction. If you need to move quickly due to other commitments, make sure your estate agent understands this and sets realistic expectations.
When it comes to negotiating the purchase price, it is essential that you are aware of what similar properties in your area have sold for recently. This will help you decide whether or not the asking price is reasonable and if there is room for negotiation.
The sales process
Once you’ve found the right buyer for your home, it's time to begin the sales process. This can be a stressful time as there are lots of steps that need to be taken in order to ensure a successful and stress-free transaction. It’s essential to be on the ball, communication is key to holding sales together, as no one likes to feel left out in the cold.
Ensure that paperwork is sent and returned swiftly, calls are always taken, and emails replied too, with a strong team around you they will iron out any bumps in the road quickly.
Exchange contracts
Exchanging contracts is the process of legally transferring ownership of a property from the seller to the buyer. It is one of the most crucial steps in the house buying and selling process, as this is when the parties enter into a binding agreement and the buyer pays the deposit.
Exchange of contracts marks the point where the sale of a property is legally binding. At this stage, both parties must agree to the terms of the sale and sign two copies of the contract – one for each party. Once exchanged, neither party can withdraw from the transaction without legal or financial implications.
What still needs to happen?
The next step is for the buyer’s solicitor to check that all documents are in order and that there are no legal issues with the sale. This includes making sure that any outstanding payments from the seller have been made and that the seller has met their obligations. When all checks have been completed, the completion date can then be set.
The completion date is when the money is transferred, and you legally complete the sale. You should make sure that you are available on this date so that you can sign any necessary documents and ensure everything is completed correctly.
Once the completion date has been agreed on, you should make sure that you keep communication flowing with all parties involved in the sale. Make sure to stay in touch with both solicitors, as well as the estate agent and the buyer, if possible. This will ensure that nothing gets missed and that everyone knows what is happening at every stage of the process.
Move out and move in!
Once you have completed your negotiations and exchanged contracts, it is time to move. When moving out of your old property, it’s important to leave it clean and tidy for the new owners. Taking the time to deep-clean can make all the difference for your new buyers, and only what you would expect when you arrive at your new home.
When moving, organisation is key. Label boxes so you can easily find what you need, and make sure you have an essentials box with all the things you need when you arrive, such as chargers, toilet roll, light bulbs and tools.
Once you’re all settled in, why not make it feel like home? Start unpacking and don’t forget to take regular breaks. It can be an overwhelming process, but it’ll all be worth it once everything is done.
When you are ready to buy and sell in Bromley, please give our team a call on 020 8467 8304