A number of Benwell Daykin clients have expressed their exasperation at being ‘gazumped’, or seeing offers rejected on their dream home, due to not being in a position to proceed. As such this has raised the question: “Should I sell my home before I start looking for another?”
Mora Sheard, from the Ruddington-based estate agency, advises that deciding whether to sell your home – or whether to buy a new home first – should be based on your finances, the market availability for properties that interest you, the house that you’re selling and the timescale in which you wish to move.
“Buying and selling at the same time is possible and commonly known as a property chain however, the odds of both the purchase and the sale lining up perfectly are small, so patience and a little flexibility are required by all parties” she says. “Selling your house before buying a new one is the most practical scenario for most home owners and there have been times recently where viewing requests have been declined due to potential buyers not being in a proceed-able position!
“Selling first is most beneficial if you need to better understand your finances in order to make calculated decisions based on your buying potential. Having a buyer for your home in place, cash in the bank or being a first time buyer, make you more attractive to any seller.”
Mora – who is the latest member of Team Benwell Daykin – adds: “If you require a mortgage, have your mortgage in principle agreed with a licenced broker. Select a solicitor in advance. Do your research on your area of interest, the local schools, amenities and transport links – as this will enable you to make a calculated decision quicker.
“Our advice is simply….. Be prepared!”
For further help and information you can simply pop in to their office at 12 High Street, email info@benwelldaykin.co.uk or ‘phone Benwell Daykin on 0115 990 2007. Opening hours are Monday to Thursday 9am to 5.30pm, Friday 9am to 5pm and Saturday 9am to 12pm.
