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Should I sell my home before buying a new one?

Most people will begin buying their new home at the same time as selling their existing home.

This process can be repeated a number of times forming what is commonly called a property chain.

However, the answer to avoiding a property chain to a certain extent may be to sell your home prior to buying your new home. If you are considering selling your existing home before buying your next, there are pros and cons for both sides.

Pros

1.By selling your home first you are putting yourself in a more powerful position and will be a more attractive option for a seller if you have cash in the bank rather than entering a chain which can be open to collapse or lengthy delays without notice.

2.You are less likely to be gazumped as you are a safer bet for the seller than accepting a higher bid from a potential buyer who is in a property chain.

3.A further advantage is that you have the cash in the bank ready or a mortgage offer in place, and will not have to be under pressure when putting in offers which are dependent on whether your home’s offer gets accepted or not.

Cons

1.You may be forced into renting for a period whilst you look for somewhere to buy which can end up being very costly.

2.You also have to bear the risk of house prices rising whilst you are looking to buy effectively diminishing what you can offer.

Therefore, there is no right or wrong way to go about buying or selling your home and whilst it may seem daunting at first being organised from the start can reduce stresses further down the line.

5 Simple Tips

1.Be as organised as you can be – if you can get your mortgage approved before you put offers in, this will save time in the long run.

2. Try and meet with a conveyancing lawyer to answer any questions you may have and to set up your file in readiness. (Solomons Solicitors offers a free initial consultation with highly experienced conveyancing lawyers).

3.Pay a watchful eye in the property market for new properties and also those which have been on the market for a while as those may be open to more flexible offers.

4.Research the areas you may like to live, especially if you are new to an area. There are various websites which allow you to see previously sold houses prices and other helpful data.

5. Make contact with local estate agents as they are often able to send you new property details before they go on the market.

If have any questions in respect of this article or any other area of property law, please contact us on 01202 802807 to arrange a free no obligation consultation at either our Bournemouth or Christchurch office.

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