Buy or Sell First?

Wed 06 Mar 2024

Trying to coordinate the sale of your existing property to purchase your next home can be a challenging expedition filled with questions and uncertainties. At Langford Rae Property Agents, with our deep roots in Chelsfield, Sevenoaks, Halstead, Knockholt, Cudham, Green Street Green, Badgers Mount, and Farnborough, we understand these challenges intimately. This article has been written to guide homeowners through this pivotal phase, addressing the fundamental question: Do you need to have sold your property before you can make an offer on your next home?

As with all property sales and purchases, it is important to understand the local housing market dynamics. In the bustling property markets of Orpington and surrounding areas, timing is everything. The decision to sell before buying—or vice versa—can significantly impact your transaction's success. As dedicated advisors, we've noticed that homeowners often grapple with the "chicken or the egg" dilemma: Should you find a buyer for your current home first, or should you secure your next dream home to ensure you have somewhere to move?

Before going into the complexities of buying and selling simultaneously, it's crucial to understand the importance of being sale-ready. Given the nature of the local market, having your house prepared for sale is not just about aesthetics; it's about being armed with all necessary documentation and information that can facilitate a smoother transaction. This includes having up-to-date electrical safety reports, confirmation that planning permission was granted or building control approved, where necessary, FENSA certificates for window installations, and any other pertinent documents that could address potential buyers' queries promptly.

Selling your property before making an offer on a new one has distinct advantages. It puts you in a stronger bargaining position, knowing exactly how much you can afford for your next purchase. It also makes you a more attractive buyer, free from the chains that can complicate or prolong the buying process. In a competitive market like Sevenoaks or Chelsfield, being a chain-free buyer can make all the difference in securing your next home.

This approach is not without its challenges, however. The primary concern for most homeowners is the interim period between selling their current home and finding their next one. Where will you live if you sell your home before purchasing the next? Planning for temporary accommodation can be a practical solution to bridge this gap.

On the flip side, making an offer on your next home before selling your current property can accelerate the transition to your new life chapter. This strategy may be suitable for those who have found their dream home and fear losing it in a fast-moving market. However, it requires careful financial planning. Buyers must consider their ability to manage two mortgages simultaneously if the sale of their current home is delayed or falls through. Moreover, sellers might find their offers less competitive if they are contingent on the sale of their existing home.

In the typical journey of moving from one home to another, a crucial step involves the accepting an offer on the sale of your current property, which then enables you to proceed with making an offer on a new home. This sequence allows homeowners to synchronize the sale of their existing home with the purchase of their next, without the need to sell and vacate their property immediately. By accepting an offer, you signal to potential new home sellers that you are serious and committed buyers, with a sale process already underway. This approach not only provides a financial foundation for the next purchase but also aligns the timelines for a smoother transition.

Having an offer accepted on your current home before making an offer on a new property brings a sense of security to both transactions. It ensures that you are not left in a vulnerable position, owning two properties or, conversely, without a home at all. This method is the backbone of the property moving process, offering a structured pathway for homeowners looking to transition from their current residence to their next dream home.

At Langford Rae Property Agents, we believe in empowering our clients with knowledge. By understanding the selling and buying processes, homeowners can make informed decisions that align with their circumstances and goals. Communication is key. Informing your estate agent and solicitor about every detail of your property can pre-emptively address potential buyers' queries, streamlining the process.

As your partner in this process, Langford Rae Property Agents plays a crucial role. Not only do we provide a formal market appraisal to help you understand the value of your property, but we also guide you through the intricacies of the selling and buying processes. Our extensive experience in the areas we cover ensures that you receive tailored advice and support every step of the way.

Our commitment to excellence is reflected in the glowing reviews left by our satisfied customers. These testimonials highlight the personalised support and professional advice we provide, helping clients navigate their property transactions with confidence and ease. We encourage prospective clients to read these reviews and see for themselves the difference working with Langford Rae Property Agents can make.

For homeowners in Orpington and the surrounding areas contemplating whether to sell their property before making an offer on their next home, the answer depends on a variety of personal and financial factors. However, with the right preparation, knowledge, and support from experienced estate agents like Langford Rae Property Agents, you can navigate this journey successfully.

We invite you to contact us to discuss the house selling process further or to arrange for a formal market appraisal of your property. Call us at 01689 862770, or for a rough approximate of your property's value, please use free online valuation tool available at https://www.langford-rae.co.uk/#/valuation

Let us help you make your next move with confidence and clarity.