Buying a property in itself is a huge challenge, but what about when you have a house to sell too? Being in this position is actually pretty common. Many property purchases depend on house sales to release the funds for the next buy. However, knowing how to go about it can be tricky. One decision you have to make is when to put your house on the market. Here we ask the director of Bowden’s Estate Agent’s, Daniel Bowden, to share his wisdom for anyone trying to make this decision. He breaks down the things to consider before marketing and when is best to hit Rightmove to protect your time, heart and interests.
What Are The Things To Consider Before Marketing Your Property
Putting your house on the market is not something to rush into. There are plenty of things to consider before listing and doing it the right way round can make a big difference to your property sale.
Book A Valuation
The first place to start is with a professional valuation from an experienced estate agent Daniel says,
“…that way you’ll know what a professional believes your property could realistically achieve which helps you understand your position when looking forward…”
This makes a lot of sense, knowing what your property is worth allows you to search in the right price bracket and choose a property you can afford. Budgeting for extra costs such as stamp duty, residential conveyancing and any lender fees is wise to do as early as possible so you can search with confidence.
Speak To Lenders
Next, speak to a mortgage broker or lender if you are planning to borrow. This is something Daniel recommends to his clients “this ensures there are no surprises when you find the right property and make an offer” he says. Understanding your buying position can speed up the process and success of your next purchase and allows you to set realistic expectations. You want to be able to take on a comfortable mortgage and have a good idea of your new monthly outgoings when you move.
Be Ready
Finally, before you sign the paperwork to list – make sure you and your home are ready. Putting your house on the market before you are emotionally or financially ready can hugely affect the process. Make sure you and your property are in the best position to hit the market. Your estate agent can advise if any small updates could help drive a higher price and help you position your property in the market at the optimum time in terms of stock and demand.
What Are The Benefits Of Listing Before Searching
When you have to buy and sell you essentially have two options. Start looking or start listing. Daniel believes “it’s important to have your property on the market before you start viewing” While the decision is ultimately yours, there are a lot of benefits of listing before you start searching – such as;
Being Ready To Buy
If you start looking before you have listed it is going to be a lot longer before you are in a position to complete. Even once you find a property, you will have to go through the entire process of marketing and finding a buyer before you are proceedable. This is not attractive to many sellers and could result in you losing the property. Getting the ball rolling means you will be ready to offer and start the residential property conveyancing process more quickly when you do find the dream home.
Negotiations
Your estate agent may be able to better negotiate you a good deal if you have a buyer. Many sellers will be cautious about accepting an offer from you if you cannot proceed, let alone drop the price. Being in the strongest position to move quickly strengthens your buying power and can help you get the best price.
The Heart Wants What It Wants
If you find a dream home before securing a buyer, your heart is on the line. This is one of the reasons Daniel recommends having your property on the market before you start viewing. “Otherwise, you risk falling in love with a home and being disappointed if it sells before you’re in a position to proceed” he says. Every seller is different, however if they are looking for a fast sale they could go with another buyer. The heart wants what it wants and when it finds it, you want to be ready to move.
Thinking Of Selling
If you are thinking of selling your home and starting the exciting search for a new one, speaking to one of the experts at Bodwen Estate Agents could help get you started. And as for your property conveyancing, we provide a fixed-fee on our speedy residential conveyancing services and can handle both the sale and purchase. Having a strong team by your side will help keep your move as smooth as possible. We, Waterstone Legal, are here for every step of your property journey, and look forward to taking the next one with you.
