Searching for your next home is exciting, and it can be tempting to start arranging viewings as soon as you decide to move. However, if you need to sell your current property to fund your purchase, getting it on the market first can put you in a much stronger position.
You can begin researching areas and browsing properties at any time. But before you become seriously interested in a particular home, it is helpful to know what your current property could sell for, how much you may be able to borrow and whether buyers are interested in your home.
You will have a clearer idea of your budget
An accurate property valuation can help you understand how much equity you may have available for your next purchase.
Your total budget may depend on:
- The expected sale price of your current home
- The amount remaining on your mortgage
- Your savings and available deposit
- Your potential mortgage borrowing
- Estate agency, legal and moving costs
- Any property taxes that may apply to your purchase
Without this information, you could spend time looking at homes that are outside your realistic budget or overlook properties you could comfortably afford.
A local property expert can explain how your home compares with similar properties and suggest an asking price based on current market conditions.
Sellers may take your offer more seriously
When you make an offer, the seller’s estate agent will usually ask about your position.
If your home is already on the market, you can show that you have started the selling process. If you have accepted an offer, your position may be even stronger because your onward move is less likely to hold up the chain.
Price is important, but it is not always the only consideration. A seller may prefer a buyer who is ready to proceed over someone who has yet to value or market their existing home.
You could avoid losing the right property
Finding a home you love before your property is ready to sell can create unnecessary pressure.
You may have to arrange a valuation, prepare your home, organise photography and launch it onto the market while another buyer is already making progress. During that time, the seller may accept a different offer.
Getting your sale under way first means you can respond more confidently when the right property becomes available.
It can help keep the property chain moving
A property chain connects buyers and sellers whose transactions depend on one another. Delays at one point can affect everyone else.
By marketing your home early, you can deal with several important steps before making an onward offer. These might include:
- Choosing an estate agent
- Preparing your property for photography and viewings
- Arranging an Energy Performance Certificate or other relevant documentation
- Reviewing your finances
- Choosing a conveyancer
- Gathering information about your property
Completing this preparation can reduce delays later.
Being on the market does not mean rushing your decision
Putting your property up for sale does not mean you must immediately accept the first offer you receive.
Your estate agent can discuss the strength of each offer, the buyer’s financial position, whether they are part of a chain and how their preferred timescale compares with yours.
You can also continue refining your property search while viewings take place at your home.
How to prepare before house hunting
Before seriously searching for your next property:
- Arrange a professional valuation of your current home.
- Calculate the likely costs of selling and buying.
- Speak to a mortgage adviser if you will need borrowing.
- Prepare your property for photography and viewings.
- Choose an estate agent and put your home on the market.
- Register for property alerts in your preferred areas.
- Keep your search criteria realistic and flexible.
Once these steps are under way, you can begin viewing homes with a clearer idea of your budget and buying position.
Start your move with Your Move
If you are thinking about selling and buying, a good first step is to find out what your current property could be worth.
Book a free property valuation with Your Move or start exploring properties for sale.
Frequently asked questions
Can I view properties before putting my home on the market?
Yes. Viewing properties can help you understand what is available and refine your requirements. However, if you need to sell your existing home, you may be in a stronger position to make an offer once your property is on the market.
Can I make an offer if my property is not listed?
You can make an offer, but the seller may prefer a buyer who is already on the market, under offer or chain-free. The estate agent will usually explain your position to the seller.
Do I need to accept an offer before searching?
Not necessarily. Being on the market shows that you have started the process. Having accepted an offer can make your position stronger, but you should discuss your circumstances with your estate agent.
Should I arrange a mortgage before searching?
It is sensible to understand your likely borrowing position before making an offer. A mortgage adviser can assess your circumstances and explain the available options.
What does being a proceedable buyer mean?
A proceedable buyer is generally someone who can move forward with a purchase. They may be chain-free, have accepted an offer on their property or have their finances ready.
The Your Move Content Marketing Team
