How to buy and sell a house at the same time?

Selling a property to buy another is one of the most common operations carried out today and there are several factors that you have to take into account so that the whole process goes as smoothly and successfully as possible.

Here is the detailed process for buying and selling a house in Spain at the same time; Naranja Spain real estate agency in Costa Blanca:

- It is necessary to organize and measure well the times in the operations.

The first thing will be to sell the property we have, in order to have more liquidity and face the transaction costs and obtain a mortgage if necessary.

This is the ideal scenario that we would be looking for. Although without a doubt making the two investments of buying and selling a home at the same time, it is possible, but the process is quite complicated and in this case we recommend working with a good real estate professional with a lot of experience in the field, to avoid setbacks and give the steps safely and in the way that costs the least money.

Steps to follow to buy and sell a house at the same time in an organized way:

-Real estate market analysis:

The ideal is to do it at a time when the demand is greater than the supply, so we guarantee the sale at a good price and without having to wait long. A thorough analysis of the real estate market will guide you on prices and demand.

Do not forget aspects such as the type of properties most in demand, the average sale time, bank requirements for mortgages, the value of the Euribor or the average price of the home in the area you want to buy. At Naranja Spain real estate we can advise you on all these important factors to take into account before making your investment.

Study the development plan of the area where you want to buy so you will have stable information on the creation of infrastructure and growth of the place.

- Design a plan that includes extra expenses:

The process involves a large tax burden, make sure you have a good financial plan and have the best advice in this regard.

A positive point is that selling and buying a house at the same time is exempt from paying personal income tax, as long as the money from the sale is reinvested in the purchase of the new home.
Your financial plan in the case of investing 100% with a bank loan, must cover the value of the home and the expenses of the transactions, as well as possible reforms.

To all this, we must add the inconveniences and unforeseen events. For example, to shield the sale of your home if you still do not have a future property, you can resort to a deposit contract. This legal figure commits the transaction during an agreed date to which both parties must adhere.

Can I buy another property if I have a mortgage?

  If you are in the situation that you want to sell your property with a mortgage, in this case we recommend the following two options:

-Cancel the outstanding mortgage:

You can cancel the outstanding mortgage debt or wait to sell your property to pay off said amount. Request a certificate of outstanding debt to know exactly the outstanding mortgage balance, it is a necessary step.

Consult with the buyer their interest in the characteristics of your mortgage. Perhaps you have signed a very beneficial mortgage with your entity and the buyer wants to adhere to the subrogation of the debtor.

-Cancel the mortgage paid:

In the Property Registry, your home can continue to appear as mortgaged. The cancellation costs and the process of the same, differs a lot from one site to another, so it is convenient that you inform yourself about it before starting the purchase and sale procedures.

As with any investment, we advise that if you are looking to carry out this operation of buying and selling a home in the most effective way, it is that you have professional help to expedite and guarantee correct execution, especially on the legal side.

If you are thinking of selling and buying a home or commercial premises, do not hesitate to contact the Naranja Spain real estate agency in Costa Blanca. We are real estate experts and we will advise you so that the process is transparent and an effective real estate investment.