Sep 24, 2021
8 min read
We won’t sugar coat it: moving is one of the most stressful things you’ll have to deal with. But things can get a lot trickier when buying and selling at the same time. At best, it’s a balancing act with an element of risk; at worst, it’s all-consuming. In a perfect world, you’d hit the timing sweet spot where you sell your house and pick up the keys to your new home – in that order. But we all know life doesn’t always run that smoothly, so chances are there will be some overlap. To help you synchronise the process of selling and buying a house at the same time, read on.
To sell and buy a house in one swift move can be daunting. But it’s worth noting that it’s a process that’s incredibly common. The best thing you can do when buying and selling at the same time is to stay organised. Along with the right Estate Agent guiding you through the process, it should be pretty smooth sailing. Generally, most people need to sell their home to buy a new one.
And if you’re just getting started, Boomin's SmartVal can help you find out what your home might be worth.
A lot of homeowners get sucked into the chicken-and-egg conundrum of whether to sell first or buy first. The truth is, the answer normally comes down to finances. Most people can’t afford to buy before they sell since the sale of your current home needs to fund the purchasing of your next.
Even if you have the cash to put down the deposit, you risk losing it if you can’t come up with the rest when it comes time to complete. No one wants to pay two mortgages and knowing exactly how much you have to spend (by selling your home first) means you’re less likely to overextend yourself on your new home.
If you’re financially capable, buying first has its advantages. You’re able to move at your leisure and take your time to prepare your home for sale. By buying first, you also dispense the hassle of renting and moving your furniture into storage.
If you buy first with a mortgage, you effectively carry – and pay for – two mortgages at the same time until you sell your old home. This puts pressure on homeowners to sell their current property quickly, and many homeowners end up lowering the price of their old house for a quick sale.
So, if you’re wondering, “Can I buy a house before selling my old one?”, the answer is yes – if you have the cash reserves lined up.
There’s no denying that selling a home can be monumentally stressful. And that can be further magnified when trying to buy a new house at the same time. However, people do it all the time, so while it may be daunting, it’s well-trodden territory.
To help smooth out the bumps along the way, we recommend some of these tried-and-true tips:
Yes. While many people have done this successfully, the process can be a little more complicated due to property chains.
While you can put in an offer on a house even though your property hasn’t sold, chances are it won’t be at the top of the pile. Sellers will be more inclined to accept your offer if you’ve already sold your property or accepted an offer. Even still, it’s up to the seller to accept.
Most people put their house on the market before they start looking too seriously at properties. We all love a good browse to see what’s out there. But if you’re intrigued to see how much interest your home could generate, get an online property valuation from a local Estate Agent in just 15 minutes with Boomin’s SmartVal.
No law stipulates the minimum period of homeownership. In theory, the homeowner can sell it again as soon as they want to. The issue comes in when there’s a mortgage on the house. Most lenders won’t issue a loan unless the property has been registered with the Land Registry for at least 6 months. That means a buyer might have trouble getting a mortgage on the house if you just bought it with a mortgage.
At Boomin, we give you more insights to help make buying and selling at the same time easy. When looking at properties for sale, you can book viewings 24/7 and receive instant confirmation. Selling is made easy with features like Sneak Peek and Secret Properties to capture buyer interest more readily. We can help you instantly attract interested buyers. Simply book your free house valuation and let us build momentum for your property.