Buy or Sell first?

It is quite strange when buying or selling a house - do you sell your house first or find one you want to buy?

The issues arise after taking decision to move house. Many are quite set on either selling theirs or finding the home they want first. I don’t mind because it doesn’t affect me, but I do wonder how the market would cope if everyone had the same opinion!

I suppose that when it doesn’t affect you, you can see it from a distance and not worry about it and see the problems this creates.

So looking at this with a bit of logic:-

Choice 1: Buy First then Sell

"I don’t want to sell my house unless I find the one I want to buy."

Assuming you find the house you want to buy, you then have to set about selling yours. Are you hoping that the buyers will be of the same opinion, i.e. they will sell their house when they have found yours to buy?

Choice 2: Sell First then Buy

"I don’t want to buy until I have sold mine."

The house is sold, and you now set about finding the home of your dreams, you know how much you have sold your house for and therefore how much you have got to spend. Hoping that the seller of your dream home has the same opinion as you, they have also sold their house as well.

Choice 3: Buy and Sell

Decide you are going to move, put your house up for sale and keep your eyes open for the house of your dreams.

Chains

An ideal scenario would match buyers and sellers at roughly the same time. I’m sure that this doesn’t happen very often.

First time buyers can only buy a house which is for sale, those that have to move because of their job have little choice but to sell (or rent) first.

Moving home is more stressful through long chains, especially when in-decision steps in to make matters worse. Estate agents often complained that there were often potential sellers who just wanted to check the market out first without having any financial commitment or often intention to move.

Home Information Pack

The HIP has helped to get a financial commitment from potential sellers and has brought forward any information which may lead to delays in producing all the documentation required to move.

Assuming you want to move home, the best thing is to take a deep breath and put your house up for sale and try to find your new home. Chains are stressful, but that is just a factor involved in the moving process. But the decision on buying or selling first should not come into the equation.