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Should I sell my home before I buy a new one?

sell my home before I buy a new one

There is no doubt about it, moving to a new house can be a stressful time. It therefore pays to do all you can to minimise any stress from the outset. This could include getting organised with any paperwork relevant to your property, finding a trusted property solicitor and decluttering your home ready for the big move.

An aspect of house moving which often causes the most anxiety is the property chain. At times slow moving, chains can be frustrating and depending on where you are in the chain, seemingly endless.

When chains break down…

Buying and selling property involves many factors, from financing to searches and other legal matters and this all takes time to complete.

Common reasons for property chains breaking down include issues with obtaining a mortgage, changes in financial circumstances, cold feet and problems identified on the survey.

Whatever the reason behind a chain that has failed, the results are the same; disappointment and a loss of money.

Is it possible to avoid a property chain?

There is little that can be done to avoid a property chain. It would make little sense to avoid all properties that could result in a chain, as this could mean potentially missing out on the property of your dreams.

However, it may be possible to lessen the stress a property chain can bring by minimising your role within it. One way to do so is to sell your current home before you buy a new one.

In most cases, homeowners sell and buy their new property at the same time, seamlessly moving from one home to the next. This is achieved by all the solicitors within the chain working together to ensure contracts are exchanged and completed at the same time.

Depending on your circumstances however, it may be feasible to sell your current property first and relocate to a rented property, (or move in with friends or family), and then search for, and purchase, a new property.

The advantages here are clear; you are likely to appeal to buyers looking for a quick sale; you will be in a strong position to buy as you are chain free; you can lessen the pressure of buying and selling, and once sold, you can focus all your attention on your new property search.

Of course, while selling before you buy could be a good option, there are potential downsides to be aware of too. Moving out of your current home into rented property could prove expensive, particularly if you need to place your belongings in storage for any length of time. You may also find property prices in your area are rising fast and in the time it takes to find a new property, you could find yourself priced out of the market. 

It may also be tempting, if you have made money on your sale and have the cash in the bank, to dip into this resource - eating away at how much you have to spend on your next home.

Help and advice when you need it…

Whether you are buying, selling or remortgaging your home, our dedicated team of property solicitors are on hand to help.

Guiding our clients through the process, our approach is to keep our clients informed every step of the way, helping to ensure that whatever the property process throws up, it is dealt with promptly and professionally.

To find out more call 0330 123 1229 or email info@smithpartnership.co.uk.