If you are thinking of moving, you might be wondering if you should put your house on the market or try and find your next home first. It’s a bit of a conundrum and one where there is no right or wrong answer. The problem could be potentially losing your dream home! It comes down to personal preference and there are pros and cons to each way. To help you with your decision, here’s our suggested approach:

Get a feel for the market

Rightmove (www.rightmove.co.uk) is an amazing tool. It has completely revolutionised the property industry. Now you can have a nose at what’s on the market from the comfort of your own sofa. It’s not only a great way to get a feel for what is available and for what price but it also gives you an idea of what you can get for your money and where. It’s a great way to gauge what you could potentially market your current home for by comparing homes like yours in your area. See our properties for sale in your local area here:

https://www.surepropertygroup.com/for-sale/

If you find something you like ask to view the home, however, many Estate Agents may not allow you to view a property unless your current home is on the market. They can assume that you are wasting their time and not a serious buyer. If you find this is the case, have a chat with the agent about your situation.

You also need to consider what happens if you view a home and fall in love with it – hook, line and sinker. If your home is not on the market and you are not in a position to make a serious offer, your dream home could be snapped up by someone else in a better buying position leaving you feeling very disappointed indeed. Do you want this potential heartbreak? It’s a risk you take if you start looking too seriously for houses before you put your own up for sale.

The best approach is to have a general look online to get an overall feel for what is out there. Try not to get too attached to any particular house at this stage. Shortlist any you like the look of and go back to them at a later date, when your existing home is up for sale.

Can you afford to move?

To guide your property search you will need to set a realistic budget. The best place to start is to find out what your current home is worth and how much equity you have.

Ask a few local agents for their opinion on the value of your home. They will come and visit and have a good look around. The agents will also tell you about their service and charges so you can vet the agents at the same time. This way, if you do decide to put your home up for sale, you ‘ll have a good idea of which agent you favour.

You can work out the amount of equity you have gained for your property by taking the value of your home and deducting whatever is outstanding on your existing mortgage. You can use the equity as a deposit for your next purchase.

Next, you will need a rough idea on what the bank will lend you for your next purchase. There are many online mortgage calculators that will give you an instant result. They will also usually tell you what products they can offer so you can see the kind of monthly payments required. Nationwide as a really useful one here: https://www.nationwide.co.uk/products/mortgages/our-mortgages/mortgage-calculators

This provides a very rough estimate but speak to a Mortgage Adviser for a personalised in-depth quote. When you have discovered your budget, you can review whether its worth the big move or not.

Put your home up for sale

With a budget in mind and a rough idea on what you can get for your money, it’s time to put your property on the market. Contact your chosen agent or if you haven’t decided who to use just yet, ask around for a recommendation. Once decided, get the ball rolling!

Now you can seriously start browsing and viewing properties you have previously shortlisted. Properties come and go so don’t be disheartened if you don’t manage to sell your existing home in time. Usually there will be something available when you have confirmed the sale beforehand. If this happens before finding somewhere, renting could be a great short-term solution. Ok, it’s a bit of a pain moving your belongings into a temporary home and then out again but it puts you in a great buying position. The benefits can outweigh the hassle. Having no chain will really give you leverage when negotiating on your next property and could save you thousands of pounds.

If you are planning to sell and would like some expert advice on the best way forward, get in touch with us. Call us on 01332 775 322 or email derby@surepropertygroup.com

For more property advice and tips visit our website

https://www.surepropertygroup.com/branch/derby/

or

https://www.surepropertygroup.com/branch/burton/

Andrew Sharpe

Sales & Lettings Director

01283 248841

a.sharpe@surepropertygroup.com