For homeowners wishing to sell their property and buy another, it’s the classic dilemma; which do you do first - buy or sell?
There is no right or wrong way, it’s entirely your decision, but you should be aware of the difference each decision could make.
Typically, people initially investigate the market to find out what they can buy for their money. Inevitably, during this research they fall in love with the “ideal” property. As they have yet to sell, as purchasers, they find themselves in a weak position and are highly unlikely to have an offer accepted. After all, why should a vendor limit the sale of their property to the saleability of someone else’s?
Even if a price is accepted, it will normally be a condition that the property will remain on the market until the proposed purchasers property is under offer to a complete chain. You won’t have the time to ‘test’ the market and will have no choice but to sell quickly if you want to increase your chances of not losing your new property. Annoyingly, once a property goes under offer, everyone seems to want it!
The difference between your expensive purchase and cheap sale could cost you as much as 10% to 20% more than the cost of a move in more controlled circumstances.
So be cool. Sell from a position of strength, and buy using the power of having a complete chain behind you. A proceedable purchaser is a joy to the ears of an estate agent and you might even be offered “off market” properties of which other buyers are unaware.
As for that dream home – isn’t it rather a coincidence that the perfect property just happens to be on the market at the precise moment you are looking? There is always another one around the corner, and it may even be better! And if you don’t find a suitable property in time, then you are hardly likely to be homeless, as nobody is going to force you to sell until you are ready – it is entirely your decision.
We aim to reduce the pressure of moving for our clients in many ways, but our answer to the chicken and egg scenario is emphatic …the chicken!
Please feel free to contact us on 01322 228090. You’ll get straight-talking good advice and we should be able to give you an idea on the spot of how long it should take to get you moving.