When planning a move, one of the most pressing questions is whether to sell your current home before buying a new one, or vice versa. Each option has its own set of advantages and potential challenges, and understanding these can help you make the best decision for your situation.

Selling First: Financial Clarity and Less Risk

Selling your home before purchasing another can be a financially prudent choice. It provides a clear picture of your budget, as you'll know exactly how much equity you have to work with. This can simplify the process of securing a mortgage for your next home and reduces the risk of owning two properties simultaneously. However, this approach might pressure you into finding a new home quickly, which could lead to hasty decisions or the need for temporary accommodation.

Buying First: Prioritising Convenience

On the other hand, buying your next home before selling your current one allows you to take your time in finding the perfect property. This eliminates the need for interim rentals and multiple moves. However, it can strain your finances, especially if your current home takes longer to sell than anticipated. Managing two mortgages or arranging bridging finance can add stress and additional costs.

Considerations for a Smooth Transition

When deciding, consider the current market conditions. In a fast-moving market, securing your new home first might be wise, while in a slower market, selling first could be more practical. Assess your financial situation—do you have savings or access to bridging finance? Also, think about your timeline. Are there fixed dates you need to work around, such as school terms or job starts?

Ultimately, there's no one-size-fits-all answer. Your goals, budget, and the property market will guide your decision. With careful planning and a bit of flexibility, you can ensure a smooth transition, whichever path you choose. And remember, we're here at Maddisons Residential to help you navigate this journey with ease!

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.