Looking to sell your property and buy a new home but don't know where to start?
Before marketing your property for sale and embarking on the journey of buying another home, careful planning and preparation are crucial to ensure a smooth and successful transition. Here are key steps to consider:
Selling Your Property:
Determining the value of your own home is crucial in the first instance if you are considering selling and buying at the same time. You should contact up to three agents and invite them out to carry out a valuation to give you an idea of what you may achieve for your home. By inviting out a couple of agents you will be able to compare services, fees, and see who will be the best fit for you.
You should also factor in all of the costs in both selling and buying.
There will be estate agency costs, cost for the home report (many agents like us let you defer the cost for the home report and add this onto your final bill at the end) there will be solicitors fees for both buying and selling and there may be stamp duty to pay as well. It is important to get an idea of the costs to make sure you are not caught unaware!
Mortgages
Once you have an idea of the value of your current home, speak with a mortgage broker or your current lender to ascertain what you can borrow to purchase your new home and how much deposit you will need to purchase your new home. You may not wish to borrow as much as your lender is prepared to offer you but it is good to get an idea and the determine what you are comfortable with borrowing.
Identify Priorities:
Clearly define your priorities for the new home, such as location, size, amenities, and proximity to essential services. This will streamline your search process.
Conduct thorough research on the real estate market in your desired location. Understand current trends, property values, and potential future developments that may impact your investment. Speak to a well established agent in the area, they will be more than happy to answer any questions.
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Looking to arrange a valuation on your own home- click here and one of our team will be in touch to book and appoinment.