Buying and selling a home at the same time can be a complex process. You might end up getting tripped up at the last minute by the dreaded property chain.
In a perfect world, you would be able to sell your home the moment you list it and have the time to find your next dream home while your buyers wait patiently until you are ready to move. Sadly, we do not live in a perfect world and usually, you will need to sell and buy at the same time. In other words, you find yourself in a housing chain. This is not uncommon, but these can present several challenges. If you plan to purchase and sell your house at the same time, be prepared.
It is important to determine the exact value of your current home before making plans to buy your new one. Next, is to consider your financial situation – how much can you afford to spend on your next home? What is the equity of your current residence? You also have to consider the chain, as well as the stamp duty.
If these seem overwhelming, a mortgage broker can help you navigate the system. It may take time, but having a professional assist you eases the process.
Elliott Elite Property Solutions provides professional services to help people sell their houses quickly over the next couple of months, especially those who don’t want to be stuck in property chains.
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