Published: 07/05/2021When moving home, it’s always a kind of chicken and egg situation, you will no doubt have been nosing online for your potential next home, but you’re also curious about the value of the home you already own. But when you own a property and are looking for another, is there a right way round to do it? Should you buy or sell first when moving home in London?
For some people, the idea of moving forward is only possible if you know where you’re going. Why on earth would you consider selling your home when you have no idea where you will be moving to? You may have a clear picture in your mind of the kind of property you’re looking for, and until you find it, there is no way you’re going to place your home on the market. For sentimental reasons, you could be struggling to say goodbye to your current home and there is a kind of comfort in knowing what home you will be moving to.
We completely understand all these emotions. Moving home is a huge thing and you want to make sure you get it right but buying a property before you have sold your home is not the right move to make.
For financial reasons
You may have an idea of what your home is worth, or even had your home valued, so when you start to look at homes on the market, you will have a sense of what you can afford. A valuation is not a sold price, and property markets rise and fall over time. The figures you are basing your finances on could be completely different to the actual figures that apply when you start to go through the process. If they are too far apart, you could potentially lose the home you are looking to buy as well as a few pennies along the way.
Puts you in a weak position
When someone makes an offer on your home, you want to ensure that they are in the best position possible so that things move quickly and smoothly. As a seller, you are looking for someone chain-free, or in a small chain, who has their finances in order and their home has been sold. How would you feel if someone made an offer on your property but they hadn’t even placed their home on the market yet?
Because time doesn’t stand still
We would love to tell you that we can stop time, but that’s one skill that even us estate agents and unable to achieve. Whether you’re wishing to move before the stamp duty returns to normal to take advantage of a discount, or you want to be in before the new school year starts, the speed of the process is always something that concerns buyers and sellers alike. The process in the UK is not swift, as we know, and anything that feels like it’s dragging its heels can make things seem a thousand times worse.
Even if your offer is accepted by a seller, how long would they be willing to wait for you to sell your home? How long would you wait? Nothing is more frustrating in a move than delays and waiting for someone to sell can be one delay too far for many, which sadly can see chains collapsing.
Shattering the dream
You have set your heart on your chosen new home and you’re spending your evenings picturing how you will decorate, where your furniture will go and what your life will be like living there. Dreaming about your new home is what’s making leaving your old one so much easier, to the extent that emotionally you’ve already left your current property. It’s now on the market and you’ve made an effort to make sure it’s looking good for potential buyers, all you need is one buyer to see what a fantastic house it is. Yet things are not going according to plan. Viewings are getting less, the sellers of the house you want are getting nervous and you can see the dream of your new home shattering all around you. Who needs that stress?
Get it right from the start
SELL YOUR HOME FIRST! There is only one right way to move and that is to sell your home first. This way, you’ll be putting all your energy into your current home to make sure it isn’t just looking good for buyers but looking amazing. You will be in a better position financially, because you’ll know exactly what monies you have to play with when you start to look for your next home, and you’ll be in a stronger position to get your offer accepted.
We understand the lure of wanting to search for a new home before you sell, but please be patient, you will get to that part of your move quicker if you take our advice and sell your home in London first. Finding your next home will feel even more exciting when you know you can actually move forward rather than waiting in limbo.
Thinking about moving? Get in touch with our team at Right Now Residential and we’ll get you on the first steps to getting your home on the market and promptly sold. Call today on 020 3002 2650.