Should you find a property before putting yours on the market?
It is one of the first questions many potential sellers face:
Do we put our property on the market now, or wait until we've found somewhere we want to buy?
Waiting can feel like the safer option. You know where you're going before you start inviting buyers through the door
There isn't one answer that works for every seller. But understanding your position before you start looking can make the whole process easier to navigate.
Why waiting can be tempting
Selling your home is a significant decision, particularly when your sale is funding your next purchase.
You may not want to commit to moving until you know there are properties available that suit you. Perhaps you're looking within a small area, need a particular type of property or simply aren't prepared to move unless the right opportunity comes along.
All of that is reasonable.
But there is an important distinction between putting yourself in a position to move and committing yourself to a move.
Preparing your sale does not mean you have to accept an offer tomorrow.
Think about how a seller will see you
Imagine you find a property you would genuinely like to buy.
The seller may have several interested parties.
One has their own property under offer to a qualified buyer.
Another has a property on the market and viewings underway.
You haven't yet had your property valued or prepared for sale.
Even if all three buyers like the property equally, they are not necessarily in the same position to proceed.
Your own readiness can influence how attractive your offer is.
Get the groundwork done before you need it
This doesn't necessarily mean rushing your home onto the market.
It does mean understanding what would be involved.
Before becoming serious about your next purchase, it can be useful to know:
What your current property is realistically likely to sell for.
How that affects your budget for the next move.
What needs doing before your property is marketed.
How quickly you could be ready to launch.
Whether there are likely to be complications in your own sale.
What your mortgage position looks like, if you're borrowing.
Once you know those things, you can make decisions with much more clarity.
What if you sell before finding somewhere?
This is often the concern behind the question.
What happens if you accept an offer and haven't found your next property?
It needs to be handled carefully.
Your circumstances and likely timescale should be discussed properly, and communication with your buyer matters.
Accepting an offer shouldn't mean making promises about dates that you cannot realistically keep.
Equally, sellers need to understand that a buyer may have their own timescale and may not be able to wait indefinitely.
This is where sensible expectations from the beginning can prevent problems later.
Your sale and purchase aren't separate decisions
When you're selling in order to buy, the two transactions are connected.
Your likely sale price affects your purchasing budget. Your buyer's position can affect your ability to proceed. Your onward purchase can affect the timescale of the people buying from you.
That is why we think it is useful to talk about the move, rather than looking at the sale in isolation.
The objective isn't simply to put your property online and find someone willing to buy it.
It is to put you in a position where, when the right next property comes along, you have a realistic route towards completing the move.
Start with understanding your position
You don't need to have made every decision before speaking to an estate agent.
In fact, it can be more useful to have the conversation earlier.
A valuation should help you understand what your property is realistically worth, what preparing for sale would involve and how your own plans may affect the best approach.
If you're starting to think about your next move, talk to Brown & Brooke before you need to make it happen. We can help you understand your likely selling position and what you can do now to be better prepared when the right property comes along.