If you have a growing family, the chances are that you will feel as though you have a shrinking home. As your children grow, they will need more space — a bedroom of their own, a garden big enough to play. And then suddenly, communal areas of the home feel too small too.
If you already own your home, it might be time to look at moving onto the next step of the property ladder.
Buying a new, larger home can be a challenge as you will need to manage the sale of your current property in conjunction with the purchase of the next. You may find the perfect home, and have an offer in place, while at the same time have an offer on your home. And then all of a sudden something happens to prevent both sales from happening. Either the buyers pull out, or have mortgage issues. Or there is an issue with the purchase of the new house.
Being In A Chain
Managing the process of being in a chain may require the assistance of an estate agent, as things can get tricky, and one issue can affect any purchases in the chain.
Get A Valuation
The first step to take is to check out the value of your current home. Hopefully, it has risen substantially since you’ve bought it, and if you’ve invested in adding to the property, then you would like to see this providing benefit to its current value.
Get a few valuations from different estate agents, and find the one who will not only put your house up for sale at the price you want but will do their best to sell it quickly and support you throughout.
Make Some Home Improvements
You may be able to make some minor changes that will help get a better asking price, such as some redecorating. Ask your estate agents about anything you can do to help with this.
Get Your In Principle Mortgage
Go and speak with your mortgage advisor and find out how much you’d be able to borrow now. Your financial circumstances may have changed since taking out your initial mortgage, and you will hopefully have accrued equity in your property. A mortgage advisor will use this information and your credit score to find out how much you can borrow.
Once you know what kind of mortgage you can get, you can look at homes for sale within your price range.
Go in with a list of things that you need from your new property. Highlight the essential items on this list and the desirable items.
Remember to offer lower than the asking price to try to save a little extra money.
Breaking The Chain
If you have the option to go and stay with family for a few months, this may help with issues that surround being in a chain. By putting your items into storage, you might be able to sell up and wait to buy your next property.