One of the most common questions for people moving home is whether to sell their current property first or buy their new one. The short answer is yes; you can do either or even at the same time. However, each approach has different implications for your finances, timing, and stress levels.
Understanding how to sell your house and buy a new one successfully means weighing up the options and choosing the strategy that works best for your circumstances.
Related: Change of address checklist: What to update when moving
Finding out what your home is worth
Before making any decisions about whether to sell house and buy at same time, you need to know your property’s value. Getting an instant online estimate gives you a starting point based on market data and what similar properties in your area have sold for.
However, nothing beats having a local estate agent visit your home. They’ll consider its features, general condition, and any improvements you’ve made to give you an accurate valuation.
Related: How to get an accurate property valuation: A step-by-step guide
Selling before you buy
Selling your house before buying another is often considered the safer approach, particularly if you need the funds from your sale to purchase your next home.
The advantages
When you sell first, you know exactly how much money you’ll have available for your next purchase. This puts you in a stronger negotiating position as you’re not dependent on your own sale completing, making your offers more attractive to sellers.
You’ll also have more time to find the right property without the pressure of coordinating two completions simultaneously.
Related: How much does it cost to sell your house?
The challenges
The main drawback is thinking about where to live between selling and buying. You may need temporary accommodation with family or friends or arrange short-term rental while you search for your new home.
You’ll also need to be aware that your personal circumstances or the local housing market could change between the two transactions, potentially affecting your plans or budget.
Related: Top 5 signs you’ve outgrown your current home
Buying before you sell
If you can afford it, buying your new home before selling your current one offers different advantages but requires careful financial planning.
The advantages
Popping up the ‘For Sale’ sign before you go house hunting gives you more time to find the right buyer, particularly handy if the housing market seems sluggish. You can prepare your property thoroughly and market it properly without rushing.
You’ll also have certainty about your new home, knowing exactly where you’re moving to and when.
The challenges
Can I buy another house before I sell mine? Yes, but you’ll need to fund both properties until your original home sells. This might mean bridging finance or having substantial savings to cover deposits and potentially two mortgages temporarily.
There’s also the pressure of needing to sell your current property, which might lead to accepting a lower offer if you’re facing financial strain from carrying two properties.
How to sell house and buy at same time
Many people choose to buy and sell home at same time, coordinating both transactions to complete on the same day or within a short timeframe. This is common in property chains where multiple sales depend on each other.
Getting your paperwork ready
There’s plenty of preparation involved when selling a home and buying another simultaneously. As a seller, you’ll need title deeds showing you own the property, plus certificates for any work you’ve had done. As a buyer, you’ll need proof of ID and income ready.
Finding the right buyer
The right buyer for your property isn’t necessarily the one who can pay the most for it. Think about their circumstances too. Are they motivated, reliable and likely to stick with the transaction? A buyer in a strong position can make the entire process smoother.
Making it work
When you sell house and buy at the same time, timing becomes crucial. While your estate agent markets your home and arranges viewings with potential buyers, you can start house hunting. Set up property searches and get alerts sent straight to your inbox for homes that match your criteria.
Your solicitor will work to coordinate both transactions, but being in a chain means you’re dependent on other people’s sales completing too. If anyone in the chain faces delays or pulls out, it can affect everyone involved.
Related: Common difficult questions from buyers and how to answer them
Managing the process
Spend time preparing to sell your property, such as tackling any potential issues that might put off buyers. This reduces the risk of delays and complications further down the line.
Line up professionals – an estate agent and a solicitor early in the process to give you expert advice and guide you through each stage. Their experience can make an enormous difference to how smoothly everything runs.
When weighing up an offer on your current property, think about the buyer’s circumstances as well as the price they’re offering. A motivated, reliable buyer who’s likely to complete the transaction is worth their weight in gold.
Related: Bridging loans explained: what they are and how they work
Special considerations for shared ownership
Can you sell a shared ownership property and buy another? Yes, but the process works differently. You’ll typically need to give your housing association first opportunity to buy your share back, or they may help find another buyer for you.
This can add extra time to the process, so factor this into your planning when coordinating your move. Check your lease agreement early to understand any restrictions on when and how you can sell.
Related: What is comparable evidence when selling a home?
The reality of buying and selling simultaneously
Buying and selling a home at the same time can be up there with life’s more stressful experiences. It’s nerve-wracking as you find yourself hoping your chain holds together, wondering why things are taking so long, and keeping everything crossed that the home you want becomes yours.
However, with proper preparation and the right professionals around you, most people successfully navigate the process. Understanding what’s involved and being realistic about the challenges helps you manage expectations and reduce stress.
Financial planning
How to sell your house and buy a new one at the same time requires careful financial preparation. Make sure you understand:
- How much equity you have in your current home
- What deposit you’ll need for your new property
- Whether you can access funds before your sale completes
- Costs for both transactions including moving expenses, surveys, and legal fees
- A financial buffer for unexpected expenses or delays
Making your decision
The right approach depends on your personal circumstances and the local housing market. Consider your financial position, timeline, and how comfortable you are with the complexity of coordinating both transactions.
In a busy market with high demand, selling first might make more sense. In a slower market, you may have more flexibility to coordinate both sales simultaneously. Your local estate agent can advise on current market conditions in your area.
Get expert guidance
Whether you’re selling before buying, buying before selling, or coordinating both simultaneously, professional advice makes the process smoother. Your estate agent understands local market dynamics and realistic timescales, while your solicitor ensures all legal aspects are handled properly.
Don’t let the thought of selling and buying a home at the same time leave you feeling overwhelmed. With the right preparation, team, and mindset, you can successfully navigate the process.
For expert guidance tailored to your situation, speak to your local Parkers branch for advice.
