Trying to sell property in order to buy another home can be a difficult and worrying process and homeowners across the country are struggling to tie one transaction in with another. If you’re wondering how to sell property, Quick Move Now shares its top three ‘selling to buy’ tips for making the process as stress-free and rewarding as possible:
If a cash buyer comes along, take notice!
Whether you are selling first and buying later, or selling and buying simultaneously, look out for cash buyers and take heed of their offers. Selling to someone with cash funds who doesn’t need to sell a property or raise mortgage finance in order to buy gives you more confidence in the sale going through compared to dealing with someone reliant on mortgage finance or the success of a lengthy chain.
Benefits of accepting an offer on your property from a cash buyer:
- Less likelihood of a delay – a cash buyer doesn’t need to rely on mortgage finance so you don’t have to wait for lenders to issue and approve offers and sales proceed quickly.
- More convenience – dealing with fewer third parties (solicitors, chain members and mortgage lenders) is helpful because you don’t have to spend time to-ing and fro-ing between different points of contact.
- Discount on your onward purchase – when you are re-investing, the shorter the chain, the lower the chances of a house purchase falling through as fewer buyers are being relied on for completion. Having only one party below you in a chain gives you great bargaining power for negotiating a better price with the owner of the property you want to buy.
Useful hint: Even if an offer from a cash buyer is lower than you expected, weigh up the benefits such as speed of completion and the potential savings on the onward purchase to see which option is most advantageous.
Part exchange your property
If you want to sell your current property and buy again, have you considered buying a new build? Many new home builders offer part exchange schemes whereby they will purchase your existing property so that you can purchase the new house. With part exchange, selling your house and moving to a different rung of the property ladder can be a smooth, simple process.
Benefits of using part exchange to sell your existing property and secure a new one:
- Brand new home – part exchange with a new home builder gives you the chance to own a stylish, modern house that has never been lived in before.
- No open market difficulties – you do not need to employ an estate agent to market your property, pay fees, wait for a buyer or worry about mortgage delays and chains collapsing. You also get the convenience of having only one contact for both selling and buying.
- Good deals – depending on the policies of your new home builder and the incentives on offer at the time, you may be eligible for discounts or other bonuses.
Useful hint: Ask a number of builders about the different deals they have available and compare them all to work out which option is best for you. Don’t be afraid to negotiate on price and put forward your desired timescales for completion. If your new home builder doesn’t offer part exchange, explore the service of a home buying company.
Complete on your house sale first
If at all possible, it is beneficial to be able to sell your existing house first and then buy your next separately, rather than trying to sell and buy simultaneously and being at the mercy of a long chain. This option doesn’t suit everybody and isn’t always feasible but, if you can make it work, it is a clever and rewarding way of selling and buying property!
Benefits of selling your property first and buying another property later on:
- More time – selling your house before committing to an onward purchase gives you the chance to spend as much time as necessary searching for the best property to buy. You set your own timescales rather than trying to fit in with the wishes of others.
- Less hassle – you don’t have to co-ordinate your sale with your purchase, nor do you have to worry about trying to find move-out and move-in dates convenient for a number of different parties.
- No chain – sellers look for buyers who stand a very good chance of being able to complete on a sale. The fewer buyers in a chain, the more likely it is that a sale will complete, and so a chainless buyer is a seller’s dream! With nothing to sell, you stand out from the crowd and that gives you the chance to negotiate a good price on your next house.
Useful hint: We appreciate that it may be inconvenient, but could you sell your house and stay with family and friends while your new property purchase takes place? It is worth investigating to see if the eventual benefits outweigh the upheaval.
If you want to understand how to sell property and re-invest in a new home, stay open-minded and don’t lose hope – there are solutions to your difficulties that are worth considering. By changing the order of your existing plans, investigating options you had previously discounted or exploring something completely new, you can make selling and buying a more beneficial experience.