Top tips for buying and selling a home in Cardiff at the same time
There’s no sugar-coating it…buying and selling a home at the same time can feel like a delicate dance. Especially here in Cardiff, where demand can shift quickly and timing is everything. But with the right guidance and preparation, you can make it a lot smoother. Here are some key tips to help you stay on top of things and avoid the chaos.
1. Find out what your current home is truly worth & get an understanding of the current market
Before you fall in love with your next dream home, you need to know exactly what your current property could sell for - and how quickly. A professional valuation isn’t just about knowing the price tag. It sets the stage for everything that comes next: your budget, your timing and your overall strategy.
When you’re juggling two major milestones at once, it’s easy to leap into action before thinking it through. Once you have a valuation and have chosen the estate agent you want to work with, make the most of their knowledge. Understanding the Cardiff property market and whether it’s currently favouring buyers or sellers can help shape your strategy. Sometimes it’s better to sell first. Sometimes it’s worth securing your next home early. Either way, having a plan will help you move forward with confidence, not chaos.
TOP TIP: If you take care to present your home carefully for viewings and marketing, you’ll likely sell faster and for more, putting you in an even better position when it comes to buying.
2. Prioritise the sale
In most cases, it makes sense to sell first. This avoids the financial stress of owning two properties and gives you a clear idea of your buying power. You may need to negotiate a longer completion date or agree a chain to allow time for your onward purchase.
3. Get organised with your finances early
When selling your home, you’ll want to budget for:
- Your estate agent’s fee (usually between 1% and 3% of the sale price)
- Legal fees for your solicitor
And when it comes to buying, make sure you’ve accounted for:
- Stamp duty
- Solicitor’s fees
- Local authority searches
- Mortgage arrangement fees
- A property survey
One of the biggest causes of delay in a simultaneous sale and purchase is a hold-up with the money side. We recommend doing the following:
- Review your current savings to see what funds you already have available.
- Check how much equity you have in your current home (i.e. the difference between its value and your outstanding mortgage).
- Look at your current mortgage balance and remind yourself of the terms and conditions.
- Find out if your mortgage can be taken to your next home, or if securing a new deal would work better for you.
- Speak to an independent mortgage adviser for tailored guidance on your options. The more clarity you have upfront, the smoother everything will flow later.
4. Work with the right team
Your estate agent should be more than just a “for sale” board and a few pretty pictures. They should guide you, negotiate for you and keep the whole chain moving.
The same goes for your solicitor and mortgage broker. Throughout the process, clear communication is essential. Keep in touch with all of these contacts regularly to stay on top of deadlines, documents and any issues that arise. Patience, organisation and the right support network will go a long way toward making your simultaneous sale and purchase as smooth as possible.
5. Prepare for the unexpected
Let’s be honest: things don’t always go to plan. Completion dates don’t always line up. Buyers change their minds. The perfect house might fall through. So it’s wise to have a plan B in your back pocket. Whether it’s saving money for short-term renting or getting the go-ahead to stay with family or friends, having a backup in place gives you breathing room. This way, you can wait for the right home, not just settle for the next one that comes along.
Thinking of buying and/or selling in Cardiff this year?
Our team can help you create a plan that works and a marketing strategy that makes your home shine. Get in touch on 02920 454555 or email Nathan and the team at sales@cpshomes.co.uk. To get a general idea of what your home could be worth, click here for a free instant valuation.
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
