Want to move house - shall I buy or sell first?

rich1000

I've been told I should sell first but I have a young family and i don't want nowhere to stay if I don't buy a property by the time my flat gets sold.

However if i buy first, I might not be able to sell.


Also can anyone advise me of any place to store my things till i buy/sell..?

Thanks

tillboy

Put your place on the market first then start looking for potential places to buy generally as long as you can find somewhere within a couple of weeks of selling (if you've done your homework and get to know the local market you should soon have a shortlist) then you sell the old place and buy the new place both events (hopefully) should happen at the same time!

Debt_Free_Chick

Sell, sell, sell.

Unless you are cash rich or have the finance, you're not in a position to buy, until you've sold your current place.

telfordwhite

rich1000 wrote: »

I've been told I should sell first but I have a young family and i don't want nowhere to stay if I don't buy a property by the time my flat gets sold.

However if i buy first, I might not be able to sell.


Also can anyone advise me of any place to store my things till i buy/sell..?

Thanks

Surely you will sell STC (ie in theory) until you then buy STC. This way you don't move out till it's time to move in. You know, like everybody else does it.

Miss-spent_2

get your place really nice, ready for viewing and then put it on the market. Start looking straight away, don't wait until you have sold. Usually both things happen together. If you can' t find anything you like you don't have to sell unless you have exchanged contracts and you wouldn't do that unless you had somewhere to go.
Good luck.

oasisfeverish

Another way to look at it.

If you buy now you end up with the property you want. If prices continue to rise, you benefit. If prices drop, on paper it is worth less, but you still have the property you want.

If you wait until a 'crash' then you own property is worth less (assuming you haven't STR), and although the property you now want to buy is worth less, there will certainly be more buyers wanting it.

All because over the previous years before the 'crash' a lot of FTB's have been saving hard to have a reasonable deposit, and whereby prior to the 'crash' their deopist may have been worth 5-10% of the property's value, the 'crash' has meant this same deposit is worth 30-35% of the property value, and they can now afford it.

The knock on effect is a bidding war, with some paying highly over the odds for the property they want so much.

A very valid point regarding lenders if a crash happens, same happened in the late 80's early 90's crash. Banks prior to this were more than happy to lend, then when the rates reached 15%, and houses were repro, the lenders became very cautious, with tighter guidelines on who and how to lend.

Personally if there is a property you want, then get it now, it should be classed as a roof over your head, rather than a investment.