Should You Buy or Sell First? A Common Dilemma

Should You Buy or Sell First? A Common Dilemma

The decision of whether to buy or sell a property first is a dilemma many homeowners face, when reliant on a property sale, and it can often feel like a chicken-and-egg situation. This common conundrum leads to the question: Do I sell my current property before buying a new one, or should I find my dream home first and then look for a buyer for mine? It’s a tough choice, with each option carrying its own advantages and challenges. Let's dive into the key considerations that will help guide you through this process.

The Pros and Cons of Selling First
When you choose to sell your property first, you give yourself a clearer picture of your budget. By knowing exactly how much you will make from the sale, you can confidently determine what price range your next property should fall into. Additionally, selling first eliminates the stress of trying to secure a property while still being tied to your current home.

The biggest challenge is that once your property is sold, you may find yourself in a position where you need to act quickly to secure a new home, particularly if you’re looking for something specific or in a competitive market. The risk is that you could be left scrambling to find a new property that meets your needs, and if you’re unable to find one in your timeframe, you may face the inconvenience of temporary accommodation.

The Benefits and Challenges of Buying First
On the other hand, agreeing a purchase a property when relying on a sale yet to be agreed, or even marketed, becomes a potentially bigger challenge. This approach is especially beneficial if you’ve already found your dream home and/or unique property, or are determined to secure a particular location before it’s taken off the market or somebody else secures it.

However, buying first comes with bigger risks. You might also face the pressure of making a sale of your home in a market where properties aren’t moving as quickly as expected. Depending on the demand in your area, it can take time to find a buyer and agree on a sale. In fact, on average at last count, it can take around 82 days for a property to sell after being listed, so it’s important to be prepared for a potential delay.

Understanding the Market Conditions
Current market conditions can greatly influence whether it’s better to buy or sell first. In some areas, properties are selling quickly, and the supply of homes may not be sufficient to meet demand. If you’re in a competitive market, buying first could mean missing out on properties that are highly sought after, as they may sell before you’re ready to make an offer. Additionally, if you only have limited access to listings, such as browsing through websites like Rightmove, you may miss out on off-market opportunities that could be perfect for you.

On the flip side, if you’re in an area where homes are selling at a slower pace, it may be less stressful to sell your property first. With more time on the market, you have a better chance of finding the right buyer, and the competition for new properties may be lower, giving you more flexibility in your search.

Preparation is Key
Regardless of whether you decide to find or sell first, preparation is crucial. It’s important to get your property market-ready so that you can act swiftly when the right home becomes available. Taking professional photos, preparing floor plans, and having your property appraised and valued will ensure that you’re ready to move quickly once you find your next home.

If you choose to sell first, having everything in place will allow you to get your property listed and ready to go live as soon as you find your dream home. If you’re already in a position where your property is ready to market, you will avoid the delays that come with waiting to get everything prepared, which can give you an edge in a competitive market.

Ultimately, whether you decide to buy or sell first depends on your individual circumstances and priorities. If you’re looking for more certainty and a clearer financial picture, selling first or finding a willing buyer for your property may be the right option. However, if you’ve already found your dream home or have a very specific location in mind, buying first may be the better choice, provided you’re prepared for the challenges that come with it.

At McHugo Homes, we understand that making the right decision is vital for your property journey. If you’re unsure about the best course of action or would like advice specific to your situation, feel free to reach out to us.

Contact us today at movinghome@mchugohomes.co.uk

Interested to know the sale value of your property or simply what market conditions are like for you and your home as we go into 2025? We offer a free no-obligation market appraisal. Visit https://mchugohomes.co.uk/value-my-property.

With the right preparation and expert advice, you’ll be in the best position to make the right decision and find your ideal home with confidence.