How to Successfully Sell and Buy a House at the Same Time


Is your family expanding and you need a bigger house? Have your kids left the nest and you are looking to downsize? No matter what your situation is, looking for a new house and selling your old one can be quite stressful, especially if you decide to do these things at the same time. Nevertheless, there are some things you can do in order to achieve this. Take a look.

Sell and Buy a House
Sell and Buy a House

Determine the value of your property

You need a clear idea of how much money you could get for your current home before you start looking for a new one. There are online valuation tools which can help you get started. After that, you should contact a few real estate agents to take a look at your house. Make sure they are local as the demand is not the same in every place. For instance, you are not going to hire a Melbourne-based agent if you live around Sydney. Moreover, by getting more than one agent, you will get a clearer picture of how much your house is worth.

Look for a suitable property

Once you are aware of how much money you can get from selling your house, you can look at houses that are in your price range. You need to keep in mind that you will probably have to invest some money into the new home. As you do not want to purchase something that will eat up all your money, conducting a thorough inspection is vital. See whether renovating the bathroom or kitchen is worth your time and money, and make a decision based on your calculations.

Figure out your Finances
Figure out your Finances

Figure out your finances

There are some other money-related things you need to take into account. In case you have a mortgage, you should contact a broker to get some advice. See whether you can transfer the mortgage to your new property. Also, when closing the deal, you will have to pay a deposit. Now, if you buy on the same day you sell, you can use the deposit you get to pay for the property you are purchasing. In case the new property is more expensive, you will need to look into your options. Additionally, don’t forget about stamp duty.

Find a conveyancing specialist

Taking care of the paperwork included in buying and selling a property can be quite tedious. That is why turning to professionals in this field is your best option. In case you are located in New South Wales, experts from Parramatta Conveyancing will be glad to help you in this endeavor. They will conduct all relevant searches, draw up your contracts and walk you through the whole process.

Sell your House
Sell your House

Be patient

Bear in mind that you cannot sell your house and buy a new one overnight. This process, from having your offer accepted to completion, typically takes around six to twelve weeks. However, you need to be realistic as sometimes these things go on for six months even.

Extend the settlement

Seeing as how you probably do not want to move everything to a rental property before being able to finally move into your new home, you should look into extending the settlement. In case you can’t find the right house to buy before you sell, ask for a couple of months of settlement. That will give you time to look for a new place. However, if possible, try to find a way to make both sales at the same time. That should make the moving process much easier.

While this undertaking might seem really complicated, if you turn to the right professionals for help, everything can go smoothly. Make sure nobody pressures you into something you don’t feel comfortable with and find the house of your dreams. Good luck!