21 October 2019

Should I Sell Before Buying A New Home?

Posted by: IanWatson

Selling your home is a challenging process, and there is a lot to consider. One of the biggest decisions you need to make is whether you should sell your home at the same time as you buy a new home. Either of these activities are stressful at the best of times, so you can imagine doing both activities at the same time is even more challenging. However, due to the logistics of moving home, you can see why many homeowners decide to buy and sell at the same time.

However, it should be stated there are advantages of selling your home before you buy your next house.

You are in a stronger position to buy

If you have sold your home before you begin the buying process, you are in a much stronger position. You are not part of a property chain and you have the money available to buy your home. You are not dependent on finding a buyer for your home, which means there should be less complications for the vendor who sells their home to you.

When you have already sold your home, you are less likely to be gazumped. Not being in a property chain provides you with considerable benefits because the vendor feels more confident in accepting your offer.

You aren’t under as much pressure to sell your home when you do. If you sell and buy at the same time, you may feel pressurised to sell your home at a certain point in time. This may cause you to accept at a lower price. However, if you decide to sell your house and then begin the process of looking to buy a home, this pressure doesn’t exist.

Anything which provides you with an advantage when it comes to negotiating has to be viewed as a positive thing, and you have a great chance of selling your home for a price which feels right for you.

When you sell your home before you buy, you have a buying budget in place. This outcome saves you a lot of time, and it can save you disappointment. When you have a fixed budget in place, it becomes easier to make informed decisions in the market, helping you to hone in on suitable homes.

If you are fortunate enough to sell your home and property prices in your area then fall, you are in a much stronger position to buy.

There are disadvantages of selling your home before you buy

While there are many benefits to selling your home before you buy, there may be some drawbacks, including:

·         If you sell your home and you don’t find a home you like soon, you may need to rent, which is an additional expense

·         If you sell your home and property prices in your area rise, you can do less with your money

We know selling and buying property is stressful, but at Mitchells Estate Agents, we are here to help you. If you need assistance with any part of the sales process, please contact us today, and we will do everything we can to help you out.

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