How to move WordPress from existing domain to new domain on same server

I want to move wordpress from oldsite.com to newsite.com on same server (i use Bluehost).I searched on Google but found many different methods, all of them quite complicated actually!

From what I have gathered it is something like:

method 1:
1) Export wordpress of old domain (dashboard > tools > export)
2) Download wp-content folder from c-panel.
3) Install wordpress in new domain.
4) Set up WordPress address, Site url & permalink to be the same as old domain.
5) Import wordpress to new domain. dashboard > tools > import)
6) Overwrite wp-content folder to new domain using filezilla.
7) Update URL using velvet blues plugin
8) 301 redirect

method 2:
1) Export SQL database using phpMyadmin.
2) Download wp-content in c-panel.
3) Install wordpress in new domain.
4) Import SQL database to new domain.
5) Overwrite wp-content to new domain using filezilla.
6) Update URL using velvet blues plugin
7) 301 redirect

i want to do this manually. What would be the best way to address this?
Any assistance is appreciated.