If you’re thinking about moving, you’ll likely be faced with a tricky dilemma. Should you sell your current home before buying a new one?
Don’t worry, this is a question that we’re often asked by people who perhaps feel unsure about the right order to approach the moving process.
Paul Preen, Managing Director of Lang Town & Country, sums it up perfectly: “There’s always the chicken and egg scenario when it comes to buying and selling properties.”
Ultimately, there’s no right or wrong solution – it all depends on your individual circumstances. We know that every situation is unique, and what works for one person may not work for another. It’s about finding the approach that best suits your needs and timeline.
One tried-and-tested piece of advice that Paul offers is that to give yourself the best chance of success, it’s usually smarter to sell first.
By securing a firm offer on your property before looking to buy, you’ll position yourself as a serious buyer and avoid unnecessary stress.
Here, we explore why this approach works and how you can navigate the process with confidence.
Why selling first makes sense
Selling your property first puts you in a strong position to act decisively when your ideal home comes onto the market. Buyers who already have their property under offer – or don’t have one to sell at all – are far more attractive to sellers.
Preen explains: “To come across as a serious buyer, you need to be in a position to proceed. You should either have your property under offer or have no property to sell.
“By having your home sold or under offer, you show sellers that you’re ready to move forward quickly. This can give you a competitive edge, particularly in a busy property market where the best homes tend to go quickly.”
Avoiding the risks of buying first
While it might be tempting to find your next home before selling, buying first comes with significant risks.
You could end up owning two properties at once, which can be financially and logistically overwhelming. Alternatively, you might be forced to sell your home quickly at a lower price to avoid a double mortgage situation.
Paul says: “We have previously advised clients to get their property on the market and get a buyer. When someone makes an offer, it is on the proviso that they give the vendor time to find somewhere.”
By selling first, you avoid these challenges and give yourself the breathing space to find the right property without rushing.
Managing the transition: Selling first without stress
One of the biggest concerns about selling your home before buying a new one is the fear of being left without a place to live. However, with the right strategy, you can manage this transition smoothly.
Paul explains: “If you’re going to put your property on the market, at the point of receiving an offer, we then recommend that you advise the potential purchasers that you’re happy to accept that offer on the proviso that you give a little bit of time to actually be able to secure a property yourselves.
“At that stage, nobody is financially committed and you can actually work together to make sure timescales fit in as you would want them to.”
Here are some practical steps to make the process work:
- Set expectations with buyers: Be transparent with your buyers from the start. Let them know that while you’re accepting their offer, you’ll need some time to find your next property. Most buyers understand this and are willing to work with you.
- Start your search early: Even before you sell, start keeping an eye on the market to get a sense of what’s available. That way, you’ll be ready to move quickly once your property is under offer.
- Consider temporary housing: If you haven’t found your new home by the time you sell, renting or staying with family can provide a temporary solution. This gives you the flexibility to wait for the right property without feeling rushed.
- Work with an experienced estate agent: A good agent will help you manage the timing of your sale and purchase, ensuring that both transactions align as smoothly as possible. They’ll also advise you on how to market your property effectively and negotiate with potential buyers.
The benefits of flexibility
Selling first gives you the flexibility to negotiate effectively and make firm offers when you find a property you love. Without the pressure of needing to sell your current home, you’re in a much stronger position as a buyer.
Paul explains: “This will then put the vendor in a great position when the right property comes on the market. They will be able to make a firm offer as they have a buyer. If they can’t find anything, they haven’t lost anything.
“This flexibility allows you to focus on finding the right home rather than settling for one that’s simply available at the time.”
I’m thinking about moving. What’s the next step?
While every homeowner’s situation is unique, selling your house before purchasing another is often the best strategy. It positions you as a serious buyer, gives you flexibility, and helps you avoid unnecessary stress.
If you’re thinking about moving, your first step should be to get your current property valued.
Lang Town & Country is Plymouth’s best estate agent for four years running. Please do contact us and we’ll be more than happy to offer advice and a free valuation of your home.
Plymouth Sales – 01752 256000 / Property@langtownandcountry.com
Plymstock Sales – 01752 456000 / plymstock@langtownandcountry.com
Waterside – 01752 200909 / Waterside@langtownandcountry.com
Lettings – 01752 201010 / enquiries@langtownandcountry.com
Land & New Homes – 01752 278499 / newhomes@langtownandcountry.com
