With Scottish properties in high demand, those looking to make their move must work fast if they want to bag their dream property. This is good news for first time buyers and those not in a buying chain, but what if you have a property to sell first?
Buying and selling is all about timing, but sometimes your dream property can come up for sale before you’ve even put yours on the market. It’s a difficult choice to pass or act fast and hope your current home sells just as fast.
It’s worth considering your options as to whether buying a new property before selling your home is the right choice for you. Luckily, we’ve weighed up the potential advantages and disadvantages of selling your home ahead of buying your next one.
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 which 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 different types of properties. You can also arrange a pre-approved mortgage and get the rest of your finances in place. You can also start clearing out your belongings, getting quotes for movers and even temporary storage.
The property market is thriving right now so as soon as your own home is on the market you can start looking for your next home.
You can act fast
Selling your property first can mean that you are free to jump on your dream property as soon as it becomes available. The only problem is that this could be a while after you have sold, so you may need to find somewhere temporary to live whilst you wait. This also means spending money on accommodation that can eat into your savings and budget for home improvements on your next property.
You have no baggage
When you’ve sold, you’ll also be a preferred buyer for a new property as 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.
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 you’ll be able to be more focused on your search for your new home, saving time and effort – and improving your chances of success. This will further help your haggling power and also rule in, or out, any homes that need further improvement depending on how much extra cash is available to you after the sale.
Temptation to compromise
If you decide to sell first and are simply waiting for the right property to pop up, you may find yourself becoming impatient and tempted to compromise. Whilst the property market is in high demand at the moment, this can change so you need to be prepared for a long wait for the right new home. This time between homes can also cause you to look at properties outside of your preferred area or that are missing key features, just because you are keen to settle. Try to stick to your search criteria as much as possible, take advantage of the s1homes property alerts so that you are sent new properties for sale that match your exact criteria, that way your eyes won’t wander off and you end up buying somewhere that you aren’t happy with.
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. Remember to keep an eye on your finances as during the wait for your next home you still need to pay for accommodation, whether that’s your current mortgage or temporary home.
For the best properties for sale, and to rent, visit s1homes.com, Scotland’s biggest property site.