Which comes first: buying or selling a home?
June 21, 2016 by Brendan O'Neill
Advice & Tips
When you decide to sell your home and buy another, it is difficult to decide on the timing. Do you sell your home first and then risk not being able to buy another home? Or do you only place your home on the market when you have found your dream home, which may mean the seller will accept an offer from someone who isn’t in a chain?
There are some advantages to selling a property before you look for another. If you have sold your home, the seller will realise that you aren’t in a chain and can complete pretty quickly. However, you risk having to rent a home if you sell your house and then are unable to find a suitable property to buy.
If you sell prior to buying, you can take your time and wait for a reasonable offer as you aren’t desperate to sell. However, during the time you take to sell your home, property prices are continuing to increase and you may have to pay more for a suitable home.
Although there are some disadvantages to selling your home prior to buying, you will be in a strong position. Trying to buy and sell simultaneously increases the risk of being gazumped, being in a chain or having to reduce the selling price of your home in order to have your offer on another house accepted.
Mortgage advisers study for a CeMAP qualification so that they have the necessary information to advise you, whether you are buying or selling.
Written by
Brendan O'Neill
You may also interested in:
How to choose the best CeMAP course for you
If you want to train to be a mortgage advisor, then the course to choose is the CeMAP one. This is recognised by the Financial Conduct Authority (FCA), which is
Homeowners opt to refurbish instead of move
The latest piece of research indicates that a lot of homeowners are opting to refurbish their properties instead of moving, with cost cited as the main reason for this.
