Selling and Buying Property Top 10 Need to Knows!

publication date: Apr 14, 2010
 | 
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books
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Selling and Buying Property Top 10 Need to Knows

Selling and buying property at the same time can be a particularly stressful process. To help you on your way, we've created our 'Top 10 Need to Knows' of buying and selling property at the same time:-

  1. Check first whether you actually need to sell your home. Moving for extra space? Could you extend upwards, downwards or sideways? Buying for an extra room for people to stay? Is it cheaper (and better!) to put them up in a B&B?
  2. Selling and buying at the same time can be a nightmare and an almost impossible task – before you can find the right location, location, location, you need to do planning, planning, planning!
  3. Make sure you know what similar properties to yours have sold for (see ‘sold prices’ websites) so you know what you might get for your property.
  4. Check that there are buyers around who are looking to purchase your type of property – and can afford to buy NOW!
  5. Check that the type of property you want to buy is available at a price you can afford and are happy to pay!
  6. Make sure you know how fast (or slowly) your property is likely to sell for. Popular properties should sell within six weeks, average between six and ten weeks, unique properties or ones near a pylon, railway or busy roads could take ten to twenty weeks to sell.
  7. As a back-up explore the option of selling then renting and becoming a cash buyer.
  8. Get your paperwork sorted on the home you are selling, make sure you have all the paperwork such as property information forms, copy of the deeds and other ‘legal stuff’ as well as any planning permissions or building regulation certificates to hand, just in case you get an offer fast!
  9. Sort your finances out. Make sure you know how much ‘ready cash’ you have and how much equity you can rely on to put towards your new home and the costs of selling your own.
  10. Secure a mortgage agreement in principle so agents and vendors know you are serious about buying.
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  • An A4 ‘how to’ guide (approx 80 pages), containing Dos and Don’ts, Factsheets, Checklists, Handy Tips and Forms
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