When it comes to moving home, many homeowners find themselves asking the same questions. What should I do first? If I put my house up for sale and cannot find anything; will I be left homeless? And what if I find my dream home but haven’t even got mine on the market?
It’s a big decision and we’ve used our experience to explore the pros and cons of both approaches.
Selling First Pros:
If you have already agreed a sale on your existing property, this will give you more time to focus on finding your next home without as many distractions.
You will have a better idea of your budget as you’ll know your agreed selling price. You can also factor in additional costs such as estate agent and conveyancing fees with more certainty.
You’re more likely to have stronger negotiating power when you come to buy as, in theory, you are now ‘proceedable’.
The chances of being gazumped are also reduced if you have already agreed a sale.
Selling First Cons:
You could miss out on your preferred home to another buyer if your pre-agreed sale runs into complications.
You might worry that if your sale moves quickly, that you be forced to move into rented accommodation while you wait for your new home to become available to move in to. This cannot happen without your agreement. Until you ‘exchange contracts’ no sale is legally binding.
Finding First Pros:
Finding your dream home first could give you a clear indication of how much you need to sell your property for in order to purchase the home you really want.
You will be far more motivated to focus fully on selling your property quickly and for the best possible price.
Finding First Cons:
You might not find a buyer as quickly as you’d hope, or it may take a lot longer than anticipated meaning you may lose out to another buyer. If this happens, the move you were planning may never get off the ground.
If you would like more advice on whether to sell or find first, simply contact your nearest Chantries & Pewleys office for a chat.