From The Experts:
To Buy or Sell First?

Which is best?

As a mortgage broker in Newcastle, I’m often asked whether it’s better to buy or sell first. The honest answer is that it truly depends on your personal circumstances and the current market. Let’s look at the pros and cons of each option.

Selling First

Selling your current home before buying your next one is the more traditional and safer approach. It gives you financial certainty and reduces stress.

> Pros: You know exactly how much money you have to work with when buying your next home. Being a cash buyer also makes your offer more attractive to sellers.

> Cons: You might need to find temporary accommodation, which can add extra costs and the hassle of moving twice. You also risk rising prices in a hot market, meaning the money from your sale might not go as far.

Buying First

Buying your new home before you sell your old one can be a good option if you’ve found your dream home and don’t want to miss out. This strategy offers a seamless transition.

> Pros: You can move directly into your new home, avoiding temporary accommodation and a double move. In a rising market, you can lock in the price of your new home before values increase further.

> Cons: The biggest risk is being able to service two mortgages if your current home takes a long time to sell. This financial strain might pressure you to accept a lower offer just to relieve the burden or you simply may not be able to afford 2 loans with the banks.