“Should I sell my home before buying a new one?” is one of the most commonly asked questions when people are looking to move home. There are small risks, but some great advantages! Read on to find out some of the advantages and disadvantages:
If you have already sold your property, it puts you in a stronger position when buying a new home. The seller of the property you want to buy will almost certainly prefer a buyer who has the money readily available in the bank (and/or a pre-approved mortgage) rather than a situation where their sale is dependent upon you finding someone to buy your home.
You are in a stronger position when it comes to selling your own home. You are in control because you won’t feel forced into making a quick sale or pressurised into taking a lower offer
Buyers with time on their side are usually in the strongest negotiating position
You may attract a higher price for your home if you find a seller who is keen to move quickly
You’ll know exactly how much you can spend on your new property because you’ll have the money from your sale in the bank, so buying your new property won’t be dependent on how much you achieve from your existing one.
There’s a chance that If you sell first, expecting to be able to buy quickly, you may be disappointed and end up having to rent for a time. This can prove very costly if weeks turn into months.
If house prices continue to rise by the time you’ve sold your house and find somewhere to rent, a new house may become much less affordable e.g., if you rent for a year, and prices rise by 10% in that year, you will only be able to afford 10% less
Renting can be stressful, as can being in a chain, or feeling you’ve undersold. Here are our top tips to ensure a stress free move
If you do decide to sell before you buy, ensure you have as many things as possible organised that could make the next step simpler, i.e. have mortgage approved in principle so you can crack straight on once your sale has been settled.
Before selling, do your research and decide what area you’d like to buy in, which type of property you want to buy. Know your budget so you are not looking at properties that exceed the price you’re likely to get from the sale of your own home.
While you’re selling your own home, keep your eye on the property marketing incase the home of your dreams appears. You’ll have time while waiting on your own to sell so use it wisely.
Before selling, build relationships with a few of your local estate agents so that you get in there first with all good properties that come up for sale. Sign up for property alerts so that as soon as something fitting the bill goes onto the market, it’ll be delivered straight into your inbox so you’ll be one of the first to see it!
Before selling, get your mortgage on the new home pre-approved, this will make you very attractive to a seller.
If you are selling, but not yet found a home you want to buy, try to act as slowly as possible between agreeing an offer and exchanging, then between exchanging and completion. This will give you additional time to find and make an offer on a new place in the meantime.
Outstanding service and very quick turnaround from Andrew and the team. Would highly recommend this company for anyone requiring a fast, professional and efficient service.
19:27 03 Oct 23
19:11 09 Jul 23
Thank you Home Report Company, the surveyor who was sent over for our house valuation report was great. It was nice to be able to welcome a well-mannered, friendly and professional person to our home.For those looking for chartered surveyors to carry out a home report or valuation, I highly recommend this company. They have been very helpful, polite and punctual - and made life that little bit easier during a difficult time in our family. Thank you again.
james “TechnixJim” F.
06:43 26 Jun 23
I needed a survey done quick and contacted home report company,Andrew came within 2 days,no messing about and got my survey paperwork next day via email,excellent company,thank you andrew.all the best jim.
18:15 23 Jun 23
I have recently instructed the Home Report Company to complete a survey for me. From my first initial enquiry up until receiving my report I have nothing but high praise. I was given a quote, a prompt appointment was made and the survey completed. Andrew, the surveyor, was very professional and also very smiley and reassuring. He went about the survey with minimal intrusion or fuss and he also liked my dog 😊. Highly recommend.
16:47 09 Jun 23
Andrew Mackenzie from home report company did our home report very professional and polite.This is the second time I have used home report company and mr Mackenzie has done both reports.The price charged was very competitive and by far the cheapest I enquired about, I would definitely recommend the home report company for your home report.
15:34 28 Apr 23
10:58 05 Apr 23
Perfect, exactly what we needed to sell our home, very quick, helpful and at an excellent price! Would highly recommend!
21:36 22 Mar 23
Friendly and professional service. Andrew was very professional and answered any questions I had. I received the completed home report the next day, after first receiving the draft version.
Steve “Steve J” J.
10:47 16 Mar 23
Very friendly and helpful surveyor who produced an honest, factual report. Survey was organised very quickly, was reasonably priced (compared to other quotes) and the report was produced quickly after the survey. No complaints!