Selling a home and buying another at the same time may seem daunting, but it can be done. The secret is to be prepared.
The key to successfully selling and buying a property at the same time will come to research, organisation and preparation.
As with everything to do with property, it all depends on market conditions. You need to do your research to understand what’s happening in the market, what the competition looks like, what the property you’re selling is realistically worth and so on.
Vendors who go down the conventional road of selling first, can buy another home before settlement by accessing bridging finance.
1. Should you buy or sell first?
In a rising market, it’s worth considering buying first and selling second. This is especially true if you’re upsizing and it can save you thousands. If the property you’re selling is desirable and will have a high level of demand, there’s no reason you can’t look to buy first.
2. What about time?
Selling in early spring can offer advantages due to pent-up demand and a seasonal peak in prices following the quieter winter period.
Early sellers benefit from a longer timeframe through spring and early summer to find and purchase a new property, taking advantage of strong supply before clearance rates start to level off. This timing makes it possible to sell, buy, and move into a new home before Christmas.
Preparation is key: understand the value of your current property, review your finances, know what you’re looking to buy, determine your budget, and approach the process strategically.
3. What is simultaneous settlement?
A simultaneous settlement means the settlement for the sale of your old home and the purchase of your new one happens simultaneously.
