When To Start Searching If You’re Also Selling
Unless youāre a first-time buyer, or you have no financial worries, the vast majority of people cannot buy a new home without first finding a buyer for the one they already have.
This causes issues to arise, as it can be difficult to know when to put your property on the market. To try and help, weāve put together our advice on selling and buying: when to start searching.
Searching for a prospective home
Many people look at prospective homes before putting their own up for sale. This sometimes leads to one of two outcomes:
- The perfect home is found, but the agent is unable to recommend a āsubject to saleā offer and the property is sold to someone who is ready to proceed. The result is you lose the property youāve fallen in love with
- The perfect home is found, meaning your existing one must be sold quickly for you to secure the new one. The result is you donāt realise the full value of your current property and it can be undersold
Selling and buying
If you already own a property, how do you secure your next dream home without being left homeless, heartbroken or out of pocket?
Once you have your financial affairs in order,Ā speak to local estate agents as soon as possibleĀ to get the ball rolling on the sale of your property.
- Invite a few local estate agents round to value your current home and ask how theyād market it
- Ask them if they have any suggestions on anything you can alter or improve to enhance the property’s saleability
- Choose an estate agent with a good reputation for dealing in the sort of property you are selling. You want to be able to use their local knowledge!
Once effective marketing of your property is underway and reasonable interest is being generated, you should start looking at prospective new homes.
You donāt want to end up paying two mortgages because you havenāt been able to sell your first property.
What happens if you sell your property first?
Obviously, the ideal is to sell and buy simultaneously. However, if you end up selling first, you can use this to your advantage:
- You will be chain free, therefore able to move quickly with cash in the bank (and hopefully have agreed a mortgage in principle)
- You will be in a strong position which shouldĀ prevent you from being gazumped
- You have nothing that could hold up the buying process on your end
- You wonāt be pressured to sell your house, therefore you donāt have to agree to a lower price to secure a quick sale
- Negotiating a house price will be easier, as you’ll be in a stronger position
What to do if you canāt find somewhere to move into
Unfortunately, selling your property first can lead to complications. However, there are ways around these:
- If youāre temporarily without home and unwilling to commit to long term renting,Ā consider a short-term lease
- If youāre staying in the same area, befriend the estate agent selling your house. They can inform you of new properties on the market
- If youāre struggling to find somewhere to move into,Ā talk to any potential buyers about delayed completion. Anything that prevents you from having to rent temporarily will be worth asking about
On this last point, donāt feel pressured into a fast completion. Only after you exchange contracts do both parties become legally obligated to a price and move date. Accept an offer on your own home from an intending buyer, but explain to them that you have not yet secured an onward purchase.
Issue your buyer with a contract of sale and allow the conveyancing process to begin. However, donāt exchange contracts until ready to do so, ideally when you have found somewhere to buy. Both of your selling and buying exchanges can then be done simultaneously, meaning youāll never be left homeless.
Bear in mind, there areĀ good times of the year to sell your home. Traditionally, spring and autumn are good times of the year to sell. Summer and winter are typically quiet. Therefore, if youāre after a bargain to buy, you could do well toĀ wait until summer or winter. Ā
Buying a house? In need of finance?
Experienced mortgage advisers will help you work out the best way to finance your move based on your requirements and save you time, money and hassle in the process.
Tell us what you need and an experienced adviser will get in touch.
Last Updated: November 1st, 2024
