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Get A Professional Valuation
One of the first things you need to do is to get a professional valuation. You want to ensure that you are getting a professional valuation that shows you a realistic price that you could get for your property with the current market conditions. This is the only way you will be able to not only maximize the price you get but also not have your home sitting on the market for ages.
To figure out what would be a realistic price for your property, you’ll want to get a valuation of it done online. Once you have a valuation done, you can start to look to see what professional agents are saying locally. You want to get a good price from various agents in your respective area. The more you can get, the better and more accurate the number will be.
By doing some research, you can figure out what valuations are most accurate for your property. You will find that some agents tend to overvalue your home because they want to win you over as a client. This is likely to result in your home sitting on the market because they are asking for too much. You want an agent that is going to give you a realistic price and one that gets your home to sell.
You can also do some research on your own. A good way to do this is by looking to see similar comps. You can research to find what similar homes are sold for. This way, you can figure out comparable values to properly price your home. You want to see what the various properties nearby are being listed for and what price they are selling for. The difference in the two numbers can be alarming but they can tell you a lot about the actual market value for these homes.
A reputable and local agent will leverage the information they have to properly assess your home’s realistic value. That’s why you should always go for a local agent that specializes in your respective area. They know the local market conditions and the buyers in the area to ensure you get the best price. If you are looking for a fast sale, cash house buyers will offer you an agreed price for your property without having to take it to the market.
Work The Equity Out Of Your Property
One of the things you need to do when you are trying to do both of these things at the same time is figuring out how much you can afford to spend. You need to do this to get a realistic value. The only way you can do this is by figuring out how much equity you have in your current home. The home equity that you have is the amount of the property that you own. You can tell this by looking at the existing market value of your home and how much you still owe the lender. This will tell you how much equity you have in the home which you can then use to identify how much of a home you can afford. For instance, if you still have £125,00 left to pay in a home worth £250,000, you’d have as much as £125,000 in equity.
If you are buying a brand new home, you can leverage the existing equity you have in your current home.
Figure Out Your Finances
One of the most important things you need to do when you are doing two of these things at once is to figure out your finances. You need to understand your finances very well to ensure you aren’t putting yourself in a hole. You’ll also be better positioned to apply for mortgages and do other things to buy a new home. With a comprehensive understanding of your finances, you’ll know how much you can afford.
If you have a substantial gap in how much equity you have and the deposit required, you’ll need to figure out where to get the funds to close it. This is likely to happen if you are looking to buy a home that is more expensive than the one you are selling.
You need to know the ins and outs of your finances as if you were buying a home for the first time. This is especially true if you are getting a much larger and more expensive home. After all, you can expect to pay more in your monthly payments for it.
You also need to keep Stamp Duty costs in mind. These costs can add up. You want to ensure that you are accounting for these costs in your total budget. You can pay for these extra costs with your savings. However, if you have any extra room from the equity from your home sale, you could always use that too. You could also add it to the cost of your mortgage but you would end up paying a lot more over time if you used this method.
With COVID-19, Stamp Duty was suspended until March 31, 2021. However, that’s not going to be the case forever.
Speak With a Professional Advisor
A professional mortgage advisor is a good resource to get on your side. They can help you figure out the optimal solution for your specific situation. They can tell you whether it would be a good idea to remortgage or even port your mortgage. They can also help you figure out what options you have available and give you a better understanding of the various pros and cons of each option. Knowing the long-term considerations of all of your options is very important to making a well-informed decision.
Start The Search
You need to start your search for your new home. You’ll want to contact professional agents nearby for this. They have the local knowledge you need to ensure you find the right one. However, before putting an offer in, you want to ensure that you have a buyer lined up for the home you are selling. This puts you in the best position because you’ll have your financing in order.
When you are trying to identify the right agent to help, you’ll want to find one that has a lot of local experience. You should weigh your options and find one that has a lot of experience and a good track record for selling home’s that comp well with yours.
You could always go with an online agent.
Find Your Dream Home
You need to find the home of your dreams. From there, you’ll need to appoint a solicitor to manage the sales process on your behalf.
You want to have an open line of communication with everyone involved. You want to have open communication so you can stay abreast of any changes that occur and so you can be well positioned to take action to help if needed.
Complete The Process
You now need to set a completion date. You can agree with this with your solicitor. From there, you can start to exchange contracts.
The completion date is the date when all of the funds are transferred and when the keys are exchanged. You want to identify a date that works well for everyone involved. This process usually requires a compromise to be made for all parties to keep things moving along. This process can be facilitated by the solicitor.
Ready to get started on moving to a new home? There has never been a better time.
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