What Should I Do First...Find A Buyer Or A New Property

Posted on: 3 October 2020

I am often asked: “Should I find a suitable home to buy THEN put my house on the market, or secure a buyer for my house first and THEN find a new property?”

What Should I Do First...Find A Buyer Or A New Property

Without doubt, I would always advise that you should SECURE A BUYER FOR YOUR PROPERTY FIRST.

After deciding that it’s time to move, your first priority should be to research the area to which you’d like to relocate. Speak to estate agents, browse relevant properties online and drive around the new area before finally deciding to put your house on the market. Make sure your expectations are realistic and by all means start viewing some potentially suitable houses, but be aware that you could become very emotionally attached to a property. Of course that property can’t be yours until you have received an offer on your own property.

Accepting an offer on your home before you make an offer on another has the following advantages:

  • If you are ‘proceedable’ (ie are able to proceed if you like the property), the reality is you will be taken more seriously by estate agents and property sellers.
  • If you fall in love with a potential new home and then put your house on the market, it is unlikely the person selling your dream home will agree to take it off the market until you’ve sold your own property. This obviously increases the chances of the house being sold to someone else in the meantime.
  •  Buyers are fairly easy to come by, if your property is marketed correctly. Finding a house you would happily call home is an emotional process however, and may be considerably more difficult.
  • Having already secured a buyer, you are then able to move more quickly and so become a much more attractive prospect for the seller. This often means you are able to negotiate a better price on your new house.
  • Until you have an offer on your property (whether you’ve accepted it or not) you don’t REALLY know how much money you have available, to buy your next house.

If you have any specific questions, feel free to contact me in confidence and I will be more than happy to discuss your individual circumstances.

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