A row of detached properties on a housing estate in the UK

Should you buy or sell first?

It’s the classic conundrum that has confounded property buyers since time immemorial. There’s no right or wrong way. But what’s the ideal way? Here’s what our experts at Shiells have to say.

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Selling first – the pros and cons

Selling your home first quite literally buys you time. You don’t have to feel pressured to sell up quickly, nor to reduce the asking price for your home in order to secure the property you want. By removing yourself from the property chain, you put yourself in a stronger buying position, since purchasing your new home will not be dependent on finding a seller for your current home.

This factor also strengthens your bargaining position; sellers may accept a lower offer to avoid the uncertainty of the sale falling through, and to ensure the process is as quick and painless as possible.

Seems simple enough, right? But naturally, there are some downsides to consider. Selling first doesn’t mean that you’ll have an easy time of finding your new home. You may have to rent or live with relatives with a while, which could entail having to put furniture in storage. This can prove costly and stressful. A long gap may also lead to rising house prices, which means you get less for your money.

So how does all of this compare with buying first?

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Buying first – the pros and cons

Buying first really gives you the opportunity to seek out that perfect home. You won’t be in a position where you are forced to move into a less-than-ideal property simply because you need a permanent place to live. Although the sale will not be finalised, you should, in theory, be able to sell your home relatively quickly in a buyers’ market.

The major downside to this is that most people simply cannot afford to buy a home without selling first. If you fail to sell, you could be left paying two mortgages simultaneously, or end up in breach of contract.

So, what can we conclude from this?

At Shiells, we tend to advise (and most other experts agree) that selling first is the best and most viable option. Selling first gives you the ability to make realistic offers on other properties, provides you with negotiating clout, and allows you to ask for more time, which many buyers will be happy to do, taking their property off the market in the meantime.

Finished houses on a new property development

Book a consultation with one of our property solicitors at Shiells by calling 01356 622171

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