The benefits of having your house on the market before starting your property search
If you've made the decision to relocate and have determined your budget, preferred location, and desired property type, you are prepared to commence your house-hunting journey.
Nevertheless, if you haven't already listed your property on the market, there's a risk of missing out on your dream home if your property takes longer to sell than expected.
The Consequences of Delaying Entry into the Property Chain
If you've ever sold a property, you'll understand the appeal of a prospective buyer who has already sold or accepted an offer on their current property compared to someone who has not yet initiated the sale of their home.
Even with the best estate agent working diligently to sell a property, a prospective buyer not yet on the market will be playing catch-up to complete their house sale on the same day you plan to move.
Consider this: who would you rather receive an offer from—someone actively trying to sell their property or someone who hasn't yet instructed an estate agent?
Advantages of Marketing Your Home Before Commencing Your Property Search
If you have already sold your property or accepted an offer, you become a more attractive option for anyone selling their property than someone whose home is not even on the market.
Furthermore, if your finances are already in order, a seller is more likely to accept an offer from you over someone who has yet to commence marketing their property.
Minimizing the Risk of Gazumping
Submitting a substantial offer for a property reduces the likelihood of the seller accepting a slightly higher offer from someone not actively engaged in the process of selling their property.
No Rush to Accept a Low Offer for Your House
By initiating the marketing of your property before embarking on your house-hunting journey, you won't be pressured to sell quickly for a lower amount than your advised achievable value.
A Seller May Accept a Lower Offer If You're Ready to Move
If a seller is keen on a swift move, they might be inclined to accept a lower offer from you if you are prepared to move promptly, especially if you've already secured a buyer.
Knowing Your Budget for a New Property
If you've sold or accepted an offer on your home and obtained an agreement in principle from your mortgage lender, you'll have a precise understanding of your budget for purchasing your new home.
Even if your property is still on the market, an accurate valuation by a reputable estate agent provides a good idea of your budget. Ensure you consider all fees and expenses associated with buying a new property for an accurate financial overview.
Contingency Planning if Your Property Sells Before Finding Your Ideal Home
If your property sells quickly upon listing, leaving you without a place to live, a proficient estate agent can negotiate with the seller for a completion date aligned with your schedule. However, it's essential to plan for the possibility that this might not be achievable.
Considerations for Temporary Living Arrangements
If you must rent, be mindful of potential expenses, especially if it takes several months to secure and move into your new property. Additionally, storing furniture and belongings might become necessary if you have to vacate before transitioning to your dream home.
