You want to buy a property but for that you have to sell yours? Should you buy or sell first? Know The Plan a site specializing in real estate for individuals, presents the 6 golden rules for a successful simultaneous purchase and sale.
Know The Plan advises you to sell your property first, you will be much easier to buy your new home later. You will avoid the stress of not finding a buyer on time and will not rush into lowering the sale price. You will also know what personal contribution you will benefit from to buy.
- 1. stay safe
Even when you think you have sold your property, unfortunately unpleasant surprises can happen … A signed promise to sell can be canceled within 10 days. So caution is the order of the day.
Know The Plan advises you to first sign the deed of sale and then sign the compromise for your new acquisition.
- 2. be patient
If you haven’t fallen in love once your property has been sold, do not rush, there are several options available to you to have time to patiently search for the ideal property:
- Stay in your old property by asking the buyer for a longer period than the usual three months. Financial compensation can also be provided for this.
- 3 Sell your property directly
You will gain in competitiveness, the agency fees represent between 5 and 10% of the sale price of the property. In the UK, commissions are among the highest in Europe. You know your own better than anyone, so you are in the best position to brag about it.
Did you find that rare gem before you sold your property?
- 1 Estimate your property accurately
Be effective in the sale of your property: do not overestimate it if you want to sell it quickly. Know The Plan advises you to find out about market prices using Zoopla or Rightmove. Do not forget to take into account the condition of your property: quality, orientation, insulation, floor, noise pollution, location …
- 2 Bridge loans: yes but under certain conditions
If you are counting on the money from the sale of your home which is not sold, you will subscribe to a bridging credit firm, that is to say a transition loan, the time to sell your property. The duration of this loan can range from a few weeks to a few months, without ever exceeding two years. This loan should be used with care. Indeed, if you do not manage to sell your property before the end of your bridge loan, you will be forced to sell off your property in order to find a buyer.
- 3 Buy your property directly
Save the agency fees, this will allow you to have a nice envelope for possible work. When buying your property, do not hesitate to hire a notary who is different from that of the seller. He will defend your interests independently and it will not cost more: the commission will simply be shared between the two notaries. In addition, sites specializing in real estate can advise you and assist you in your procedures.