Are you a homeowner looking to put your property on the market in order to buy a brand new place . . . but feeling a little overwhelmed about how it all works and how much it costs?
Fear not! This is your s1homes step-by-step guide on how to sell and buy at the same time, completely stress-free.
Do the math
It’s crucial, step one is taking stock of your current financial situation before you decide to sell, and this is particularly true if you’re also planning to buy a new place.
Selling property incurs numerous costs that can all add up, from advertising to paying for home reports.
Get in touch with your mortgage provider and find out exactly how much your outstanding mortgage is. You’ll either need to pay the outstanding figure or transfer your mortgage to your new property.
At the same time, you can find out what extra funds you can borrow and add to your existing mortgage.
Get valuations
Before you start advertising your home, it’s essential to figure out how much to ask for it. Don’t just settle on one quote: different evaluators can have different opinions about a home’s real worth.
It’s also worth noting buyers often try to negotiate on the price, so you want to initially mark up the valuation.
You can request a completely free home valuation on s1homes.
When looking at your next purchase do some homework here, too. Find out what similar properties in your preferred location are going for: knowledge is power when you make your bid!
Go pro
Finding an excellent estate agent can be key to helping the whole process go super-smoothly.
Solo selling is no mean feat and an expert can make the procedure seem like a breeze.
Estate agent fees and services vary but a standard rate for high-street agencies is currently around 1.3% of the selling price plus VAT. Online agents can be less expensive and many charge a flat rate.
Get busy
We don’t just mean a quick runaround with the vacuum cleaner. It’s essential to show your home appropriately in order to attract interest.
All necessary repairs and maintenance should be carried out before inviting potential buyers to view – ensuring your place is in tip-top condition not only makes a better first impression but could ultimately add value.
Even a few cosmetic touches can make a big difference.
You’ve got to speculate to accumulate but don’t forget to factor in these refurb costs.
Find a solicitor
Solicitors are the legal experts who deal with all the red tape and paperwork of selling and buying – and most estate agents have a preferred partner they can recommend. Fees may vary, depending on the nature of the sale and purchase, but typically range from £500 to £1500 plus VAT.
Report cards
Obtaining a home report is non-negotiable. This document is the most comprehensive buyers’ guide to your property and can be organised by your estate agent or solicitor. Fees in Scotland range from £585 to £820. Sellers are also obligated to provide an Energy Performance Certificate (EPC). Expect to fork out upwards of £50 for it.
Thankfully, this also is the responsibility of the people who own the property you’re buying so there’s no doubling up in costs.
Seal the deals
Once you’ve found the right buyer and your new home, all that’s left to do is tie up negotiations, sign the relevant contracts, pack up, hand over the keys and collect your new ones.
Whoa there! First, you must organise your plans for shifting your furniture and contacting utility providers – such as electricity, gas and broadband – then, liaise on synchronising moving dates with those who are buying your home and the soon-to-be-ex owners of your new property.
On the other hand, if you’ve found a buyer for your own home but haven’t yet found or sealed the deal on your new property, you will have to plan temporary rental accommodation and possibly secure short-term storage space for all your furniture and home
If you’re thinking of moving property, look no further than s1homes. We’re a one-stop-shop for all your buying and selling needs.