How to successfully buy and sell a house at the same time in Tavistock or Okehampton (without losing your mind!)

Buying and selling a house at the same time can seem like an overwhelming experience, but it doesn't have to be. For a stress-free experience, you need to not only have a plan but you also need the right team around you. With the right strategy and some planning, you can successfully simultaneously buy and sell a house without feeling like you're going to lose your mind in the process.

Do your research

The first step is to do your research. Start by researching the current Tavistock or Okehampton property market to get an idea of what is selling and which properties you may be interested in. Check out local estate agents, take a look at property listings online, and get a feel for the asking prices of homes like yours and those similar to ones you might want to buy. This will give you a better understanding of what is happening locally, although for the best insight speak to local estate agents. They will know if there are variations from street to street or village to village, and explain any trends that they can see happening. They will be able to provide you with clear and straight-talking advice that can help you make smart decisions going forward.

Get your finances in order

It is essential to make sure you have all your finances in order before you start. Will you be purchasing with cash, mortgage or a combination? If you will be financing some element of the purchase, the type of mortgage you can get and the associated terms will be tied to your credit score, so speak to a financial adviser early in the process to understand this and what it means. You should also have an idea of the amount you will need for a deposit, as well as any other costs associated with the purchase or sale of a home (e.g. removals, solicitor fees, stamp duty, estate agent fees). If you are taking out a mortgage, make sure you understand the terms of the loan in principal before you commit. Having a clear understanding of your finances from the outset can help to make the sales process smoother and less stressful.

Find the right estate agent

When you’re looking to buy and sell a house at the same time, it’s important to find an estate agent to sell your home who can help make the process as stress free as possible. When searching for the right estate agent, there are several important factors to consider.

First, should also make sure that the estate agent is active in Okehampton or Tavistock and has experience selling similar properties to yours. An experienced estate agent will have an in-depth knowledge of local market trends and will be able to provide you with helpful advice and guidance throughout the process.

It’s also important to find an estate agent who is actually interested in you and your home. Ask potential agents questions about their services and pay close attention to how they respond. A good estate agent will be passionate about their work and will be willing to go above and beyond to get your property sold.

There is a lot more to selling properties than just posting a listing online and waiting for the phone to ring, especially in a market such as we’re seeing today – often the most complicated part of a sale comes after you accept an offer on your own home, so ask your agent how they approach this part of the transaction.

Finally, it’s a good idea to ask for evidence that the estate agent gets results. Ask for a portfolio of recent sales and testimonials from recent clients. Check out their marketing strategy: what is the quality of the photographs and videos – do they catch your eye? What are their plans for your property? This will give you an insight into the agent’s track record and will help you make an informed decision when choosing the right estate agent for you.

Put your house on the market

Now its time to get your house ready to put on the market with your chosen estate agent (yes, this part comes before you start house-hunting). This can be a nerve-racking process, so make sure you have the right support and advice to ensure the process runs as smoothly as possible.

Essential preparation steps to ensure your home looks its best include decluttering and tidying, as well as staging to maximise the appeal of your home. See our other recent blogs here and here for lots of home staging tips and tricks – they really can make a difference to the price your home sells for, or the speed with which it sells. Your agent will then arrange for photography and prepare the marketing materials for your home, as well as the online listing.

Before putting your house on the market, make sure that you are compliant with the legal requirements associated with the sale of a property. This includes obtaining an Energy Performance Certificate (EPC), which informs potential buyers about the costs to run your home and is required by law. Your estate agent can help you arrange for a specialist to provide an EPC. You will also need to provide your agent with identification and proof of ownership of the property in order that they can comply with government anti-money laundering regulations.

Start looking for your new home

Now that your house is on the market, it’s time to start looking for your new home. This can be an exciting time, but it’s important to be realistic. You may have to compromise on some of your criteria for the perfect property.

When looking for a new property, consider what is most important to you – is it location, size, style or another factor? Think about the type of property that would suit your needs and wants, and stick within your budget. If your ideal home is outside your budget, try to look at houses that tick the box in the key and fixed criteria (like location), and have the potential to modify the things that don’t quite match up at this stage.

Take your time searching for a new home and don’t rush into any decisions. The agent you are using to sell your home can be a useful sounding board, and may in fact offer a buyer representation service to assist in all elements of the purchase, as we do at Miller Town & Country.

Negotiate

Negotiation is a key part of the process when you’re buying and selling a house at the same time. You need to ensure that you get the best price for your old home, while also making sure you’re paying the right price for your new one. Your estate agent will be your main negotiator in this process, so make sure you have chosen one with a proven track record of successful negotiation.

When it comes to the sale of your current home, the aim is usually to achieve a quick sale at the highest possible price. However be aware that while you may want to get the best possible deal you also need to take into account the time it will take to complete the transaction. If you need to move quickly due to other commitments such as starting a new job or school term, make sure your estate agent understands this and that you jointly set a realistic asking price or buyer criteria set. For example, it may be prudent to accept a lower offer from a cash buyer with nothing to sell rather than a higher offer from a buyer who while also cash, has a property to sell and thus the potential for delay.

Regarding negotiating the purchase price of the home you hope to move to, it is essential that you are aware not only of what similar properties in your area have sold for recently, but also what similar properties are currently listed for. This will help you decide whether or not the asking price is reasonable and if there is room for negotiation - again, your selling agent can assist here.

The sales process

Once you’ve found the right buyer for your home, it's time to begin the sales process. This can be a stressful time as there are lots of steps that need to be taken in order to ensure a successful property transaction. You may feel a little helpless, as at this stage most things are out of your hands; the solicitors for your and your buyer will be working together to raise and answer legal queries about the property you are selling, and your solicitor will be raising the same sort of enquiries on your behalf regarding the property you are buying. Your estate agent will be making sure that you and your buyers have the information you need, as well as checking on the progress of any sales ahead or behind yours in the ‘chain’ of related transactions via conversations with the other estate agents involved. Complicated chains can seem overwhelming, but your agent will have a view of all transactions involved, and can help advise and explain things for you.

So what can you do to help at this stage? It’s essential to be on the ball, providing timely responses to any phone or email queries from your solicitor or estate agent, as communication is key to holding sales together.

Exchange contracts

Exchange of contracts marks the point where the sale of a property is legally binding. At this stage, both parties must agree to the terms of the sale and sign two copies of the contract – one for each party. Once exchanged, neither party can withdraw from the transaction without legal or financial implications. It is one of the most crucial steps in the house buying and selling process, as this is when the parties enter into a binding agreement and the buyer pays the deposit.

When there is a ‘chain’ of purchases, there will be a number of exchanges tied to one another starting at the bottom of the chain, to make sure that the first buyer can buy from the first seller, who can then buy from the next seller along the chain and so on.

If you are selling and buying simultaneously, you will first exchange on the property you are selling, and then on the property you are buying, paying the deposit for that onward purchase. The next step is for the buyer’s solicitor to check that all documents are in order and that there are no legal issues with the sale. This includes making sure that any outstanding payments from the seller have been made and that the seller has met their obligations. When all checks have been completed, the completion date can then be set.

The importance of the completion date

Following exchange its time to finalise the date of completion, which will allow you to lock in that moving date with your removals company and start working through a change of address checklist.

The completion date is when the money is transferred, you legally complete the sale and get the keys!! You should make sure that you are available on this date so that you can sign any necessary documents and ensure everything is finalised correctly.

Once the completion date has been agreed on, you should make sure that you keep communication flowing with all parties involved in the sale. Make sure to stay in touch with both solicitors, as well as the estate agent and the buyer, if possible. This will ensure that nothing gets missed and that everyone knows what is happening at every stage of the process.

Move out and move in!

When moving out of your old property, it’s important to leave it clean and tidy for the new owners. We recommend hiring a professional to perform a deep clean – it can make all the difference for the new owners and is what you would expect when you arrive at your new home.

When moving, organisation is key. Label boxes so you can easily find what you need, and make sure you have an essentials box with all the things you need when you arrive, such as chargers, toilet roll, light bulbs, tools and all the screws and bolts to put together the key furniture on day one. Don’t forget the kettle, mugs, wine glasses and bottle opener too! Some other ideas for the essentials box from the Miller Town & Country team are a favourite scented candle to make it smell like home right away, a Bluetooth speaker to play music while you’re unpacking, your pet’s favourite toy and bed to help them feel at home, as well as a set of PJs for when you’re ready to collapse into bed!

When you are ready to buy and sell in West Devon give our team a call on 01822 617243 (Tavistock) or 01837 54080 (Okehampton) – we pride ourselves on going above and beyond as standard, and would love to assist with your move.