When it comes to moving house, whether you’re downsizing or seeking a larger property for a growing family, one of the most common questions we get asked is about prioritising. Namely whether it’s important to have a new property lined up and ready to go before selling.
The reality is that selling one property and buying a new one is a complex process to juggle, with everything needing to fall into place in order for the sale and purchase to run smoothly. There is a reason why so many buyers and sellers stumble at one or both of these hurdles, and it’s often because they aren’t fully versed in what they need to do to ensure that the process runs smoothly.
In this blog, we spoke to a team of Romford estate agents to find out exactly how important it is to have a new house lined up before selling an existing property.
Should you choose a new property before selling your existing home?
While there are benefits to choosing a new property before selling, particularly if you want a quick move and to be in your new home as soon as possible, for the most part this is not realistic.
As such, when prioritising the different stages of the moving process, we would always recommend listing and selling your property first – and here’s why.
As a seller, you have more control
If you have purchased your existing property yourself then you will already know that the process of buying a house is not simple, and that it can take time – lots of it, in many cases.
When you commit to selling your existing property before you start searching for your new home, you have the benefit of time to not only search the market but also to ascertain exactly how much you are going to get for the property you are selling. This facilitates a more accurate and realistic search for your next home.
On top of this, as the seller you can retain some control over the process – asking your agent to communicate your timeline with prospective buyers and find out if they are willing and able to wait for you to find a new home and move, before they accept the keys to their purchase. Hopefully, they will be willing to wait, and the process can run smoothly with you in full knowledge of how much you have to spend.
If your buyer falls through or pulls out, you’re stuck
The other main reason why we never recommend buying before selling is that things can go wrong – and if your buyer pulls out when you’ve already committed to a new property purchase, you can find yourself stuck in a market rut.
By waiting until you have sold your existing property, you can browse the market for a new home safe in the knowledge that you have the funds to offer. That’s why, here in Romford, all our agents are committed to helping sellers part with their existing property before getting them excited about their future home goals.