Top 5 Smart Ways for Buying and Selling House at the Same Time

07 JUNE, 2021

A large number of individuals find themselves buying and selling their home at the same time. There are several reasons because of which people shift to a new home. It may be because of the need of a bigger and better home, moving to a new location, etc. Learn some important tips to follow when buying a new property and selling an existing one at the same time.

Prepare your existing home for selling
To get the best deal for your existing property, make sure that you work on its repair and restoration. You might need to repaint scratched walls, fix electrical wiring problems, plumbing issues, etc. Do not wait until the last minute to prep your existing home for selling, or else you could miss out on a good deal.
Sell your home before buying a new one
You must consider selling your existing home first and then buy a new home. By doing so, you will be able to figure out the exact amount you would have for purchasing a new home and how much you would need to borrow from the bank. This can help you to make a wise decision and manage your finances in better ways. Also, by selling your existing home first, you will be in a position to make a higher home loan down payment while purchasing a new property. This can reduce your home loan burden significantly.
Get pre-approved for a home loan
Before purchasing a new house, make sure that you get yourself pre-approved for a home loan in order to avoid unexpected surprises that could delay your tight timeline. To pre-approve your home loan, ensure you have a good credit report to give you a tentative estimate of the loan amount and interest rate you would be able to avail. Additionally, you’ll need to present income related information such as paycheck details, salary slips, bank statements etc., basis your employment status. Also, you’ll need to furnish personal information like a valid identity proof. Make sure to submit all required documents within a pre-determined time period.
Buy a home that’s affordable
It’s advisable to settle for a home that isn’t too heavy on your pocket. Purchasing an affordable home will ensure that you do not end up utilizing all your savings or overburdening yourself with the loan amount.Get the same real estate agent

To make the process of buying and selling home easier for yourself, it would be prudent to stick to the same agent for both transactions, i.e., selling your existing house and buying a new one. Having control and insight over both transactions will help the real estate agent close both homes simultaneously.

Conclude well please
While buying and selling your property at the same time can be a tedious process, however, with the above-mentioned points and additional help and coordination of a real estate expert, you can successfully sell your current home and close on your next home on the same day. Do note that a same-day closing will require perfect timing between you, your buyer, and your seller.

Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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