The most stressful times for people are divorcing a partner, buying a home and selling a home. Unfortunately buying and selling your home is generally done at the same time, which can make this a very stressful period for you.
Every person’s situation is different so try to get the buying and selling process that suits your family’s needs.
Put a plan in place before putting your home on the market to help alleviate any anxieties you may have.
We’ve outlined some tips below with which you can tackle the whole process of buying and selling, making it as easy and smooth as possible.
Selling Before You Buy
Many people ponder whether it is better to buy your new home first or to sell your current home. For most, it is near impossible to have two mortgages at the same time, and getting a deposit in place before selling your old house can be a challenge. The wisest choice is to sell your home before buying the next one. You can sell your home and let the buyers know that the moving out date would need to be pushed back, or alternatively, you can rent a small place while searching for a home. With an abundance of short term lets available, you will have no problem finding somewhere to live during the interim period. You can also speak to the buyer and try to arrange a rent-back agreement which will allow you to stay there until you find a new home.
Buying Before You Sell
Purchasing a new home before you have released the capital from your old home may leave you in financial trouble. Any buyers looking at your property may use this a negotiating tactic to reduce the price knowing full well that you are desperate to sell.
Paying two mortgages or having a bridging loan will only add to your financial outlay every month, and if you struggle to sell quickly, these bills may add up.
Think long and hard before buying before you have sold your home and only do so if you have the financial capital to navigate this tricky period.
It could be advisable to rent out your old home while it is on the market to help cover the extra mortgage, but this can lead to further headaches dealing with short term tenants.
Get the Best Price for Your Home
There are a number of different things you can do to ensure your property will be able to bring in the kind of sale price that will leave you with a smile on your face.
Most places that have been lived in for some time will require either minor or major repairs to make it presentable to any future buyers.
Fortunately, a number of different options exist that can increase your returns through renovation work.
Start by giving the outside space some curb appeal by tiding up the areas that a buyer will see when they arrive at the property. Ensure all the gutters and facias are clean and presentable, as these can make a big difference to the general aesthetics of your property.
The inside of your home should be tidy and well decorated.
People want to see clean walls and tiles so add a splash of paint where needed and re-grout tiles to freshen up the rooms.
Carpets and curtains should be steam cleaned to help your home look and feel great. Pay extra attention to the kitchen and bathrooms as this is where many buyers will expect to spend money fixing it up.
Making your home more attractive, as well as being in no rush to sell, will give you the best chance to get a higher price for your home.
Starting Your property Hunt
You can start viewing properties straightaway as you never know how quickly you will be able to sell.
Sellers prefer viewers to be cash ready to make a decision, but this is not always the case. If you have sold your house already, you will be a preferred buyer, which will give you more scope to negotiate prices with the seller.
If you have already sold your home, don’t be pressured into purchasing as you can always rent for an extended period.
Your home is where your family will live, so you need to ensure you make the correct decision.
Speak with local real estate agents who have the insight and know-how to help refine your search, so you don’t waste time looking at unsuitable properties. Once you have an idea of where you want to live and the type of home you want, stick with it until the right property appears.
Buying and selling a home falls into one of the most significant financial decisions we will make in our lifetime, so take the time to ensure you make the correct one.
Never put yourself, or your family in a position where you are pressured to sign a contract if you have doubts. By sticking with a plan of action, you will help prevent (or at the very least, reduce) stressful experiences and make the buying and selling of your home an enjoyable part of life.