TIPS FOR BUYING A HOUSE AND SELLING THE FIRST ONE AT THE SAME TIME:
If you are buying on a market dominated by sellers, you have no other choice: to grab a property, you have to decide quickly. Selling on the buyer’s market can take time and it is not said that you manage to conclude your deal before the move. In all these cases, contemporary buying and selling is the only solution. There are numerous and reputed from sellers such as Cyprus Property. With this aspect in mind, therefore, the whole process should be planned .
You still have bargaining power
If you are still in possession of your property, remember to have excellent opportunities to negotiate. If the deal fails, you can always stay where you are. On the other hand, if you have organized a profitable sale, you don’t have to rush your purchase. In these cases, the best option could be a temporary rental. When you sell your home, you may also want to consider a 60-90 day rent-back arrangement, which will allow you to stay in your home for an agreed temporary period as you continue your search.
Tips for buying a house and selling the first one at the same time
Your real estate agent and consultant will be able to give you information on the time needed to buy a house and sell the first one at the same time. However, control of the situation remains in your hands. If you are afraid of not being able to sell your property on time, you can always postpone the purchase procedure. For example, try asking the seller to delay the conclusion date of the agreement by offering to pay the security deposit in advance.
Local regulations can affect the transaction
Sometimes, legal assessments can slow down the procedures for selling the first home and buying a new property, as well as increasing the costs. In France, for example, you will have to add notary fees, which cover certain aspects of the sale and may vary depending on the property tax. In other countries such as Germany, the payment of the security deposit can prove to be a problem, since it is particularly expensive. These cases therefore require further financial organization.
The power of equity
When selling your first home and buying a new property, equity is just as important as the savings available. This can in fact be used to secure short-term loans, usually through a bridging loan or to take out an additional mortgage aimed at accessing a home credit line (or HELOC). If you plan a long-term process for your sale, you can also think about renting your old home, to cover the mortgage of your new property.
If you are looking for tips to buy a house and sell the first one at the same time, contact an expert real estate agent with knowledge of the local market. It will certainly be able to provide you with information on the price ranges in your area and on the duration of a sale and purchase process and other indications, such as which characteristics of a property affect its sale.