One of the most common dilemmas facing homeowners in the moving process is the order of events: do you put your home on the market first or do you lock down your next property before your current one is sold? There is no right answer, but understanding the practical implications of each route can make the decision easier.
Selling First
For most people, selling before buying is the more straightforward approach. Once your home is sold, or at least under offer, you know exactly what budget you are working with. The clarity removes a great deal of uncertainty and puts you in a stronger negotiating position when you find a property you want.
Another advantage is that you won’t be carrying out two mortgages at the same time. With the cost of living being high and mortgage rates continuing to change, the financial risk of owning two homes at once is real and worth avoiding.
The main drawback is timing. If you sell and can’t find your next home quickly, you may need to rent temporarily or move in with family. That adds cost and disruption, though for many buyers the stability of a chain-free position more than justifies the inconvenience.
Buying First
Buying before you sell gives you peace of mind about where you are going. If you have found a property that you genuinely love, the thought of losing it to another buyer while you wait for your own sale to complete is a difficult one to accept. In a competitive market, speed matters.
That said, buying first has financial risk. Unless you have significant savings or access to a bridging loan, you may struggle to proceed without the equity from your current home. Bridging finance is available but it’s not cheap and it adds complexity to what is already a stressful process.
Things to Consider
Before you decide, ask yourself:
- How quickly do homes like yours typically sell in your area?
- Do you have savings or financial flexibility to cover a gap between transactions?
- How competitive is the market that you are buying into?
- Would you consider short-term rental if your sale completes before your purchase?
- Is your mortgage portable or will you need to remortgage entirely?
Which Approach Suits You?
In most cases, getting your property on the market before committing to a purchase is the more sensible strategy. It keeps your finances predictable and makes you a more attractive buyer in the eyes of sellers and their agents.
That said, every situation is different. Your financial position, local market conditions and personal timeline all play a part.
If you are weighing up your next move in Stevenage or the surrounding Hertfordshire area, get in touch our team at Own Homes is happy to talk it through with you.