If you’re looking to move home and you’re not a first-time buyer, you may wonder whether you should buy or sell first. What’s the best move? We’re weighing in with our expert advice.
Should I buy first?
This will very likely depend on your financial situation. If you’re relying on the value of your current home to purchase your next one, then the sale and purchase will need to happen together. So, you will need to sell and buy at the same time.
Remember that you could feel pressured to move sooner than planned if there’s a chain, and there’s a risk that the sale could fall through.
If you are fortunate enough to be able to buy another property outright, then go for it. Just remember to consider stamp duty tax and the costs of a second mortgage.
Is it better to sell before buying?
Sometimes, selling before you buy can boost your chances of being accepted. If you already have the money from your sale in the bank, and you have no chain behind you, that will certainly make you an attractive buyer. In fact, some sellers will only allow you to view if you have already sold your property. You are also less likely to be gazumped.
It will give you the freedom and flexibility to find the home you really want. Instead of being pressured into selling your home to avoid a chain breaking, you can take your time. Finding a forever or dream home doesn’t happen overnight, after all.
However, this entirely depends on your circumstances. Moving into rented accommodation can be more expensive than a mortgage in some instances, and you may not have the option to move in with family.
But if you can sell first or at least have your property under offer, this could significantly improve your chances of buying.
In summary, it is typically better to sell before buying. It will put you in a much stronger position when putting an offer on a property.
Find a conveyancer you can trust
Looking to prepare for your move with a conveyancer you can trust? PDR Property Lawyers are expert property lawyers and provide a ‘no sale, no fee’ guarantee for your peace of mind. Get instant online conveyancing quotes today.