Posted: Wednesday, July 14, 2021

Should You Buy Or Sell Your Home First?

There are a number of things to consider when it comes to buying or selling a home, but the initial question to ask yourself is... should I buy or sell my home first? This is a complex dilemma that doesn’t have a straightforward answer. Both of these options come with risks attached, but they can also offer significant advantages if you’ve got the time, money or patience (or potentially all three).

Buying and selling a home can be a long and unpredictable process so you need to ensure you’ve factored in all the options.You’ll need to figure out the best option for you and whoever you live with, and take into consideration your situation, finances and the time you’re working with.

 

 

What You Need To Consider When Deciding Whether To Buy Or Sell

There’s no ‘right’ answer to this complex dilemma, it just depends on what’s best for you. We’ve created a list of pros and cons to help you decide which option is more favourable for you. Remember, there’s no correct way of approaching the property market, and keeping your options open means you won’t miss a valuable opportunity. 

 

Situation

Your current situation will have a huge influence on whether you decide if you want to buy or sell your home first. Selling your home first often requires temporary housing whilst waiting to buy your new house, so you’ll need to figure out if this is possible for you, and if you want to move twice.

 

Finances

You’ll also need to get your head around your finances, and figure out the most financially viable option for you. For example, if you decide to sell before you buy, there’s a high chance you’ll need to find somewhere to live in the interim, so you’ll need to factor in the costs of renting a property. Equally there are financial implications if you buy before you sell, as in order to do so you’ll need to qualify for two mortgages, and not everyone has the income and debt-to-income ratio to make this work. Buying before selling is far less common, but it can be beneficial if you have the financial means to make it happen. 

 

Time 

When buying a home, or selling a home, you need to take into account the time frame that you’re working with, and how quickly you need to move. Selling your home first can ensure a  quicker sale, as you will be far more attractive to anyone selling their property than someone who has only recently put their home on the market. Whereas, if you aren’t in a rush then buying a home before selling gives you more time to find the perfect new home.

When trying to decide whether to buy or sell your home, visit our online house valuation page to get a free online valuation of your property.

 

Buying Vs Selling First

To help you decide what route you want to go down when it comes to buying and selling a home, we’ve pulled together some of the pros and cons!

 

 

Selling First- The Pros 

The Power of Negotiation – By selling first, you have the advantage of time and, therefore, you shouldn’t have to lower your asking price in order to sell quickly.  

Strong Buying Position – When it comes to buying, you will be in a strong position as you can move quickly. This is often attractive to those who are keen to sell, which allows you to negotiate a competitive price for the property. You’re also in a favourable position to other buyers and this can help you to secure your dream home if you’re in competition.

Knowing your Costings – Once you’ve sold your home, you know how much you can afford to spend on your next property. This can make your property search much more practical and straightforward.

 

Selling First - The Cons

Missing your Dream Home – If you concentrate on selling your home first, you could let your dream home pass you by. It’s advised that you keep your eyes open for properties coming to the market while you’re selling to avoid missing out on that ideal home.

Priced Out – If house prices are rising, you might be disappointed with the houses that you can afford once you’ve sold. Use the expert market knowledge of your estate agent so you can stay on top of the market and avoid getting priced out.

Renting – In order to keep your buyer, you may have to move into rented accommodation and put some of your furniture into storage if you haven’t bought your next home. This can be costly, but it puts you in a strong position when you want to make an offer on your next property.  

 

 

Buying First- The Pros 

House Viewings – With no pressure to move out of your existing home, you can enjoy the buying process and take the time to look into different areas and houses.

Secure your Dream Home – If you’ve found your dream home, it can be a good idea to buy first to secure the property while you have the opportunity.

Rising House Prices – If house prices are rising, you can buy a property while it’s still in your price range and avoid getting priced out of the market.

 

Buying First- The Cons

Quick Sale – You may have to accept a lower offer on your existing property in order to sell your home in time.

Two Mortgages – Buying first could leave you in the precarious financial position of having to pay two mortgages at the same time if your current home doesn’t sell quickly enough. You could get a bridging loan to cover the transition but be aware that rates can be high. Another option is to rent out your existing home, but this gives you the added pressure of being a landlord whilst trying to move.

 

Buy or Sell Your Property With The Guild

Whether you’re buying a home or selling a home, The Guild are here to help. Our team of trained trustworthy professionals will guide you through the process whilst offering as much help and advice as possible.

 

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Read What Our
Customers Say

I can't speak more highly of the team at Homesearch. When I met Michael to discuss the sale of my home instantly from that meeting, I could tell how knowledgeable they were. From that moment until closing, everything went absolutely flawless. This experience of selling went without a hitch with them giving great tips on preparing my home for viewings. Thank you. I really appreciate all your help during this process. I highly recommend Homesearch to any person who is looking to sell their home or buy a new home.

Loretta Barrett, Seller

I started with two very well known real estates, but I hated it. I was simply another number to them and I didn't feel they were honest and transparent. With HomeSearch I felt comfortable that they were on my side and they were always available to help. The process is hard enough, so having a team who supports you can make such a difference. Highly recommend.

Arian Barvarz, Seller

The reason we chose Homesearch to sell our property was that we liked the straightforward, no-nonsense approach of both Anna and Michael. They gave an honest appraisal of our property and a clear idea of what we could expect to sell it for. In fact, the offer we accepted exceeded our expectations. The sale took longer than we would have liked, due to delays caused by the buyers' solicitor, but Michael was tenacious and must have worn his phone out keeping everyone informed of progress.

Nicola Watson, Seller

Homesearch are hands down the best agent I have ever worked with ! The team helped me in an extremely complex sale. Without the knowledge and experience of the whole team, my sale would not have completed. I dont normally write reviews, only when they are truly deserved. An exceptional team! Very kind and personable, reliable & trustworthy.

Leslie John, Seller

My experience with Homesearch is that they are professional, friendly and go above and beyond to ensure that something stressful like selling a house runs as smoothly and stress free as possible. They work hard to get the results and have kept me updated throughout the process. I honestly could not recommend them enough, they are easily the best company I’ve dealt with in the buying/selling houses field. And to top it all off, they always answer the phone in the most pleasant tone and always provide service with a smile.

Chanelle Hunte, Seller

Homesearch are PROFESSIONALS. I sold my property through Homesearch and I have not dealt with a more competent agency. Every single person  dealt with knew exactly what they were talking about and I can tell that they all have knowledge in the industry and were not just picked up from the street. From the get go I was impressed and I will certainly do business with them again.

Paul Hobbs, Seller

Many thanks Homesearch for locating professional corporate tenants for my property. I am very happy with your property management service as you always ensure that the tenants give the property back in good order at check out. Five Stars!

Maria Foran, Landlord

I have been absolutely delighted with the exceptional service I have received from Homesearch. They have removed all the stress & hassle of renting my property and dealt with all manner of situations I would have struggled with in such a professional & courteous manner. They give valuable unbiased advice with such a wealth of experience. Nothing is ever too much trouble for the staff, who are always friendly & helpful. Homesearch let and managed my property and I am very happy with their property management services, they are very knowledgeable.

Paula Carter, Landlord

Homesearch always do what they say they will do. They are efficient and raise any issues early and provide options to resolve them. Homesearch is very  easy to get hold of and talk to, no matter where I am in the world! My property is well looked after, regarding tradesmen, replacement of items swiftly etc. with the minimum of fuss.

David Connells, Landlord

From our first viewing right through to the present, Home Search were brilliant. They helped make the whole process quick and stress free and even now we are in and settled, they are still happy to assist us with any queries we may have. We couldn't recommend them highly enough.

Julie Maney

Home Search helped us move into our new flat smoothly and Tim was always happy to provide help to put our nerves at ease. Arranging a viewing was easy and Home Search were happy to open after hours for us to sign the paperwork. They were very helpful and often would offer to help! Having moved in we received a lovely card and they have always been swift in communicating with Usif we have any questions. Would recommend it.

Will Houghton

Michael and his team were simply amazing!! They helped us to find the perfect house, offering a nice and attentive service from the beginning through to the end. Thank you so much!! 5 stars service. Highly recommended!!!

Giordana Sicali

Very helpful and friendly staff. Tim, Michael and the team Made the whole renting experience easier.

Amol Sinare

I had a very difficult situation as I did not have a guarantor and my dad was earning enough but was not a homeowner. It took a about 3 weeks but Michael sorted it all out in the end and my dad became my guarantor. I got a lovely home and all the staff were very helpful including Paris, Zainab and Tim. Thank you all very much! Would recommend them to anyone

Misti Chakraborty

On behalf of myself, Noa & Niamh, we would like to start off by saying a massive thank you for the amazing service Home Search Ltd provided us with, especially highlighting the work of Clorissa. Within a week we were able to sign, seal and move into the property that we looked at, all down to Clorissa's prompt and effective work ethic, which allowed us a smooth transition from one property to another, without her, this move would not of been possible to have happened within the time stamp that it did. We are very grateful for the work that was done by Home Search Ltd, highly recommend.

Lewis Francis
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