The Edinburgh Realty eNewsletter
Issue #79 | October 2019Archive
Six top tips: sell first or buy first?
It’s a chicken / egg dilemma we see all the time – sell your home first and then go shopping for a new one, or buy a new home first and then find a buyer for yours? Here are our six top tips to solve the sell first / buy first conundrum.
1. Know what moves you. Where would you rather be living and why? What are you looking for in a new home and in your new location? Having that goal will keep you motivated as you prepare your home for sale.
2. Hatch a plan. Start looking at your current house through a buyer’s lens. Assemble a check-list and a team of professionals so you can get your home market-ready and sold in a timeframe that best suits you.
3. Talk money. Unless you have a nest egg, buying first means bridging finance and covering expenses and mortgages on two homes until your old one sells and settles. Sell first to avoid a stressful stretch.
4. Money talks. If you do your financial homework and sell your property first, you’re cashed up and ready to make your best offer on the home you’re after, streets ahead of ‘Mr and Mrs Conditional on selling our place’.
5. Settle on longer settlement. Try to lengthen the term of settlement on your home sale as much as possible, so you can shop around at your leisure for your lovely new place.
6. Have a back-up plan. Selling first is considered the safer option financially, but keep in mind somewhere to stay if settlement dates don’t quite overlap. Sound out friends and rellies or suss out alternative short-term accommodation. May we recommend Edinburgh Short Stays?