Why Selling Before Buying Will Save You Thousands
If you’re looking to move house you might be thinking that you don’t want to put your own home on the market until you find somewhere you want to buy. However this could end up costing you thousands and make the process of moving far more stressful! Read on to find out the three main reasons why;
It may well cost you quite a bit of money if you start looking for your next property before finding a buyer for your current one. You may find a property that you absolutely love but you won’t be in a position to make an offer until your own property has been put onto the market and a buyer found for it. You will then need to try and find a buyer ASAP for your own home to avoid missing out on the property you want. It’s a lot less likely that you will achieve maximum value in this situation as you will be in a weaker negotiating position and may be tempted to take a lower offer in order to avoid missing out. Conversely by selling before buying you are not under the same pressure and will be able to put more of a focus on achieving the best possible price from a committed buyer.
The process of moving home can be a stressful experience for many and this is definitely made worse if you feel under any added pressure. Finding your dream property and then having to sit and wait to find a buyer for your own before you can make an offer is definitely not a pleasant experience as every day you run the risk of someone else buying it before you. It’s far easier to know that you have a buyer in place for your property so that when you’re searching for your next home you are in a position to move ahead when you find something that you like.
If you haven’t yet found a buyer for your own property you may find that you can’t even get to view some properties as some sellers will only allow viewings from buyers in a position to proceed with a purchase. You will also find that whilst Estate Agents will have a database of hundreds of potential buyers they will also have a list of ‘hot buyers’ who they will call as soon as they know a suitable property will be coming onto the market. Having a buyer in place for your property makes you a stronger buyer and will therefore give you earlier notice and a better choice of properties.
So if you’re looking to move in 2017 then take our advice and make sure you put your property on the market first before you start looking for your next home. Finally just imagine if everyone that was looking to move all put their homes onto the market- there would be plenty of available properties to choose from!