Buy before you sell
Got a really good offer on your house and keen to sell? The experts say that you might want to think about where you are going to move first — else you may just be left out in the cold.

In the current, still buoyant residential property market estate agents are finding that some homeowners are selling without giving sufficient thought to where they will move next. So says Tony Clarke, MD of Rawson Properties.

Caught under pressure

"It may seem odd for an estate agent to be advising caution as regards selling, but we have recently had one or two cases where the sellers sold very hastily, simply because they could obtain a highly satisfactory price," says Clarke.

"They then have to rent, sometimes for an extended period, during which time their cash did not appreciate at the same rate as the value of their home.

"All too often they then found that they disliked their rented premises, missed their old home and finally bought under pressure a property that did suit them nearly as well as their previous home."

Find a place first

Clarke’s advice to all home sellers, particularly those who have no need to sell in a hurry, is that they should arrange to buy their follow-up house before selling their existing home.

Sellers can, "make the purchase of the new home subject to the sale of their existing home, and although this may annoy certain buyers, it is a common practice," says Clarke.

"While you are searching for the right property to purchase," says Clarke, "you can prepare your property for the market by repainting and making the garden look as green and fertile as possible".

That gem's not easy to find

Securing a follow-up home in advance is particularly necessary for those who are downscaling to lock-up-and-go estates or retirement villages.

"The demand for this type of accommodation has grown so fast that they are now often expensive and or are not easily found, so, again, it's essential to secure the purchase of your new home before you put your current property for sale," reiterates Clarke.

Ideally matters should be arranged so that the transfers of the sold and the bought homes take place simultaneously.

The need for renting and or bridging finance can then be avoided and only one move will be necessary.

Article from: