Should I Put My Home on the Market Before Finding My Next One?

So, you’ve decided it’s time to move. There’s just one question to answer before you start scrolling through Rightmove every evening:

Should you find your next home first, or sell your current home first?

There’s no one-size-fits-all answer. The right approach depends largely on how specific your search is, your finances and what’s available in the market.

For many homeowners, selling first is the simplest option.

Once your property is on the market and you’ve accepted an offer, you know exactly how much you have to work with. You’ll also be in a stronger position when making an offer on your next home because you’re already a proceedable buyer.

But there’s an important question to ask yourself:

How difficult will it be to find your next property?

If you’re looking for a fairly typical family home within a budget of around £200,000 to £400,000, there is likely to be a much wider choice of properties coming onto the market while your own home is being sold.

In this situation, selling first can make sense. By the time your sale progresses, there may be plenty of suitable properties for you to choose from.

This is where things can change.

Perhaps you’re looking for a six-bedroom house on a particular road, with a large garden, a swimming pool and enough space for the whole family.

That’s a very different search.

If your requirements are highly specific, waiting until your current property has sold could mean missing out on the rare property that ticks every box.

In this situation, it may be worth keeping an eye on the market and finding the right property before putting your own home up for sale.

The key is knowing how much choice you’re likely to have.

There’s an obvious appeal to finding your next home before selling your current one.

You have time to search, view properties and wait for something you genuinely love rather than feeling pressured to make a quick decision.

The downside? Your current property still needs to sell.

If your dream home attracts another buyer before you’ve sold, you could find yourself watching it disappear. Alternatively, you may feel pressured to accept an offer on your own property simply to keep your onward purchase alive.

That’s where things can become stressful.

Selling your home first gives you certainty.

You know your sale price, your available equity and, most importantly, you become a buyer without a property to sell.

That can make your offer more attractive to sellers, particularly when they have several buyers to choose from.

It also gives you greater control over the next stage of your move. Rather than desperately trying to sell your home while competing for your next one, you can focus on finding the right property.

It really comes down to how easy your next property will be to find.

Selling first could make sense if:

• You’re looking for a common property type.
• Your budget gives you plenty of options.
• You want to know exactly how much you have to spend.
• You want to be a proceedable buyer.

Finding your next home first could make sense if:

• You have very specific requirements.
• You’re looking for a rare type of property.
• Properties matching your criteria rarely come onto the market.
• You’re prepared for the possibility that your current home may take longer to sell.

Ultimately, there’s no universal rule that says you should always sell first or always buy first.

The best starting point is to understand how much demand there is for your current property and how much choice you’re likely to have when buying your next one.

That’s something a good local estate agent should be able to help you assess before you make your move.

Get in touch with our Nottingham team to discuss your options and find the right approach for your move.