If your dreams of buying a new home rely on the sale of your existing property, then there’s one fundamental question you need to answer.
Are you going to look for a new home first and then sell your property – or do things the other way around?
While both scenarios can work out in the end, we think one option is far more favourable – and that’s getting your current property on the market first. Here are four reasons why.
Competition is strong for the best properties, so sellers can afford to be choosy. If multiple offers are on the table, a buyer who has already sale agreed their property (and is clearly motivated) is a more appealing prospect than one who hasn’t. In fact, some sellers won’t even entertain a buyer who doesn’t have proof of funds in place.
Selling your property first puts you in a stronger negotiating position. If a seller wants a quick deal (perhaps they’ve fallen in love with another property and need to move fast), they may be more flexible on price if they think you can move swiftly.
Once you have an offer accepted on a property, it will be all systems go with engineers, solicitors and lenders. But if you haven’t already sale agreed your home, you’ll also need to get cracking on this front (by decluttering, tackling any DIY and choosing an agent). Juggling all these tasks at the same time can be stressful and time-consuming – but there is an easier way. To avoid having a multi-tasking meltdown, get all your ducks in a row with your property sale first.
One of the most common reasons property sales collapse is that one party grows impatient. So even if a seller accepts your offer on the understanding you still have to sell your home, they may get frustrated if progress is slow – and pull the plug. For this reason, we recommend engaging a solicitor and starting to market your home as soon as possible. You could miss out on your dream home because you started the process on the back foot and just can’t move quickly enough.