In an ideal world buying and selling your property would happen simultaneously, but is difficult in any market. It’s a balancing act, but can be done.
Timing is often a challenge as you could end up owning two properties whilst you try to sell your existing home. If you think this could be an issue for you, think about bridging finance which will take the pressure off you and allow you to buy the home you want when you want it, which is key in a heated property market. It also means you won’t have to rush to sell your existing home for a lower price than you wanted. A bridging loan is essentially a short term loan that covers your existing and new debt. There are some factors you will need to consider when deciding whether a bridging loan is right for you. Take a look at the article by Mortgage Express for more specific information on bridging finance.
So what does the process of buying and selling at the same time look like? Here is a story from one of our clients who sold and bought property at the same time: