Better to sell now, rent & be chain-free for next purchase?

JaneDonut

I'm considering selling my flat as I'd like to move to upsize to a house. I'm wondering if it's better to sell now and rent for a number of months so that I'm chain-free and in a stronger buyer position, or stay in the flat until I find another place to buy.
I don't have kids so don't have to worry about their upheaval but I do have 2 cats and a dog, making renting a bit harder.
Seems as if the property market is absolutely mental at present so I was thinking of hopefully selling my flat at a decent price in the (risky!) hope that the market is less mad in 6-9 months.
Thoughts?

firsttimesellerldn

You’d be advised to look into what the rental market is like in the area you’d be renting in - in some parts of the country renting is as competitive as buying at the moment and you might struggle to find a let for less than 12 months. The sale process for flats can be slow. Personally I’d get it on the market and then see if you can link it up with a purchase. That was my plan, although the sale has been a nightmare so if/when we complete I’m going to have to rent and pay through the nose for short term places. I don’t have pets in the mix though.. 

DayDreamerandGeneralWaster

Also consider what the buying market is like- if prices are likely to continue to rise will you end up being priced out? 

okigen

Would second other poster that you can put  it on the market/get it valued and see what happens next.  Estate agents told me that small flats are more difficult to sell at the moment. Some of the ones I viewed have been on the market for ages. (That said, they mainly consists of flats in central London with small size, lack of garden space and not near a park -  which I don't mind - but will put a lot of people off currently).

JaneDonut

Ours is a 3 bed flat with its own large garden and own front door, share of freehold, no ground rent or maintenance fees, a boarded loft, large shed and next to 3 lovely city parks in the most desirable part of the city so I'm sure it'll go pretty fast. But agreed that it does seem that houses are more in demand than flats (as has always been the case?). We are getting it valued today and will put it on the market and just keep an eye out for other properties. I just don't want to be involved in any stupid bun fight over properties right now as it seems insane.

lookstraightahead

Yes is my view 😂. I have always done this and made the money back by offering less as chain free, it's worth a lot to some vendors.
Some vendors won't budge, but then just move on to the next property.
However, make sure your financials are squeaky clean while you rent so that you're not stuck for getting a mortgage.

I think you've got a really healthy attitude. Some people refuse to go into rented because they have pets / children / it's too stressful. I did it with all of those and it worked for me.