Should You Sell Your House First Before Buying in Dundee?
This is a question many homemovers ask – although maybe not as many as they should!
There seems to be an accepted wisdom out there that you should always sell first.
And whilst that can be great advice for some, it really is a personal choice that comes down to your homemove goal and circumstances.
These are all things I take into consideration when creating your Personalised Home Move Strategy when you decide to list with me (Book a Free Valuation to find out more).
Let’s explore the benefits of doing it each way…
Selling Your Home First
This is probably the most popular option,
And with good reason!
When you sell first, it makes you a more attractive buyer.
Your offers are more likely to be accepted.
And you know exactly how much you have to spend on your new house (assuming you’ve got your finance in place).
The only issue is it DOES put you under pressure to find a place!
This usually isn’t a problem.
You can negotiate an entry date with your buyer to give you a little time.
And if the market’s bouyant, you should have plenty of choice.
But it may mean you end up offering more over the asking price to secure a place in time.
Or compromising on exactly what you want.
Worst case scenario, you may not find something in time! But you can always rent or stay with family.
I rented with my kids for 7 months after selling my house as a I bought a newbuild and it wasn’t ready.
Renting was expensive and we had some fun issues with the landlord (lol!). It was also unsettling for my kids.
But in the end it was worth it.
Some people, like the buyers of my previous house, don’t want to risk not finding a house to move straight into when they sell, so let’s look at that scenario…
Buying Your New Home BEFORE Selling Your Current House
Like I said, the buyers of my old house bought before selling their house.
Let’s look at why they bought first and how it affected the process;
They knew their house would sell quickly
They’d missed out on a number of houses due to higher offers
They knew they could offer me significantly over the asking price of my house
When I accepted their offer, my solicitor added a clause that it was ‘subject to sale of their property within 4 weeks’
As the seller, it was a little nerve wracking, but I could see they were motivated and the market was moving fast
They sold their house within 2 weeks and everything went smoothly from there.
I’ve also recently helped someone in a slightly different scenario;
They knew they wanted to move to a specific area.
They weren’t in any rush and were just watching the market for the right property to come up.
When the dream house came on the market, they managed to get their offer accepted and moved fast to get their house on the market.
It sold within a weekend!
But unfortunately that sale fell through soon after.
The house went straight back on the market, but it took a little longer to get another buyer.
In that time the vendor of the Dream House put their property back on the market!
It was a trying time!
It felt like ages! But within a couple of weeks of the Dream House going back on the market, another sale was secured and a new offer on the Dream House accepted.
It was a stressful time, but by keeping the faith and not panicking, it was worth it to get the Dream House in the end!
So there ARE scenarios where buying first can be the right thing to do.
It’s a personal choice and depends on your reasons for moving and how quickly you think your house will sell.
This is why I always talk to clients about their overall goals for moving and create a Personalised Moving Strategy.
It’s not always about the highest price or the fastest sale. Buyers circumstances and your goals and circumstances all come into it too.
There’s no one right way to sell a house!
And remember, if you decide to sell first and things don’t work out, you can always take your house off the market.
With McIntyre Properties, there’s no cancellation fee (although there are with some Estate Agents, so be sure to ask before you choose).
If you’re thinking of selling and want to chat through the best options for your personal goals and circumstances, call me on 07493033588, drop me an e-mail email@example.com or fill in the form below and I’ll get in touch.
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