A recent survey showed top of the list when looking for a dream home was having en-suites in every bedroom. Some ambitious buyers even mentioned an indoor pool!
Here at s1homes, we like to make all of your property dreams come true . . . but we also know one of the most important considerations when moving can be whether to sell your house before buying a new one.
Ultimately, the best course of action will depend on personal circumstances, as well as the state of the property market.
But we’re here to help, too.
So today, we weigh up the potential advantages versus the risks of selling first.
The advantages
You’re in control
If you haven’t fallen in love with a new house on s1homes yet, you can afford to wait for the best offer for yours. This puts you in a strong negotiating position.
In fact, you can create your own timeline for making decisions.
While your home is on the market you can research new locations and types of property. You can also arrange a pre-approved mortgage.
Then, only when you start getting positive viewings, you can start house hunting in earnest.
You have the numbers
When you do sell, you’ll know exactly how much capital you have to make an offer on a new property.
This means a more focused search for your new home, saving time and effort – and improving your chances of success.
You have no baggage
When you’ve sold you’ll also be a preferred buyer for a new property, you will have the cash in the bank and there’s no chain of sales attached to your offer. This means a lower offer could still seal the deal.
The risks
Time can be money
If house prices rise fast, selling, then taking too long to find your new home can see you priced out of the bidding.
In a fast moving market you may end up selling then not being able to afford as much as you first thought.
Stop-gap solutions
If you sell but can’t find a new home, you may have to rent, which can be costly, or stay with family until you do. Imagine a year back at mum and dad’s . . . or with the in-laws!
You may find yourself tempted to compromise on your next home simply to avoid rental costs, rising prices or the sound of Granny Ina snoring through the walls.
Top tip
To help you decide the best way forward, make a list of your priorities, such as how quickly you want to move, if you would mind renting short-term, and having a preapproved mortgage in place.
Keep up to speed with market trends and prices on s1homes, too, and you’ll never sell yourself short or miss out on your dreams!
That’s a good point that you’ll know how much money you have when you sell first. That’s important for negotiations. I’m looking to buy a home since I got decent paying job recently.