Many people who wish to sell their house before buying a new one ideally like to synchronise both sales which can work but at the same time can be a risky venture.
The question we get asked is, how to go about this?
Firstly, establish the type of Marketplace we are in
We are now in 2023 in a Seller’s Market which means that for the most part real estate is selling quickly.
This is positive but it also means that the property you wish to buy will also have many interested parties.
Secondly, before you start planning to sell and buy at the same time, it is advisable to put your own property on the market first by following the guidelines below
1. Get your property Valued by an experienced Estate Agent including identifying local comparable recent sales
2. Ensure you have obtained a Building Energy Rating for your property
3. Establish your Financial Position with your Financial Broker; following receiving the Advised Market Value from your Estate Agent.
Ensure you consider all professional fees from both transactions as well as expected moving costs
4. Legals – Ensure the Title Deeds of your property are readily available so there are minimum delays in conveyancing
5. Put your property on the open market and start accepting offers while looking for a new home
6. When you have an offer on your property this will put you in a stronger position as you will have
better buying power. (Remember Estate Agents act for the seller and want the best buyers).
Ensure you let your Estate Agent know if you have flexibility with the closing dates and ideally it is
best to have relatives or family to stay with in the event there is a transition period.
The short term letting market in Limerick is currently undersupplied so you do not want to be in the
position of having to source temporary accommodation
In summary, trying to coordinate selling your own property and buying another has several variables. It can be risky but can also work.
Feel free to get in touch with us as your knowledgeable and experienced Estate Agent in Limerick, and we can offer you assistance and guidance in accordance with your individual circumstances.