| Buying Before Selling | |
| Pros | Cons |
| You’ll have more time to find a property that truly suits your needs, without feeling rushed. | You may face financial pressure if you’re covering two mortgages and using savings for a deposit. |
| Avoids the inconvenience of temporary accommodation between moves. | More difficult to set a clear budget when you don’t know the final sale price of your current home. |
| With no chain behind you, sellers may view your offer more favourably. | A dip in the market could mean selling for less than expected after you’ve already bought your new home. |
| Moving directly can minimise disruption to your daily routine, especially for families or remote workers. | You may feel pressured to sell quickly, increasing the risk of accepting a lower offer than your property is worth. |
When Would Buying First Work Best?
Buying first can work well in certain situations – particularly if you’re financially secure enough to manage the costs of owning two properties temporarily. It may also be the right move if you’ve already found your dream home and don’t want to risk losing it while waiting to sell. Additionally, if you’re moving to an area with a slower property market, where selling might take longer, securing your next home in advance can provide peace of mind and reduce pressure during the transition.
Things to Consider
When buying before selling, there are several important financial factors to keep in mind. First, as you’ll be purchasing a second property, you’ll need to pay an additional Stamp Duty Land Tax (SDLT) surcharge on top of the standard rates – this surcharge is typically 3% but can rise to 5% depending on the property’s value and circumstances.
In addition, you’ll be responsible for the ongoing costs of two properties. That means paying two sets of utility bills, council tax, home insurance and general maintenance. If either property is leasehold, you’ll also need to cover service charges and potentially ground rent.
What About Selling Before Buying?
| Selling Before Buying | |
| Pros | Cons |
| Clear budget – you know how much you an afford to spend on your new property. | Temporary accommodation – you may need to rent or stay with family. |
| You avoid the financial stress of owning two homes at once. | Property prices could be rising. |
| Not being part of a chain makes you a more attractive buyer to sellers. | You may feel rushed and settle for a property that’s not exactly what you wanted. |
| You’ve already secured your sale price so you won’t be stung by falling property values. | Extra costs such as paying for storage for your furniture and belongings. |
Why Selling First Might Work Best
Selling your home before buying can help you avoid the stress of juggling two properties financially. Selling your existing home first gives you a confirmed sale price, which makes applying for a mortgage on your next property more straightforward. Lenders are often more favourable when there’s no financial ambiguity and it may strengthen your borrowing position.
Legally, the process is usually simpler and more predictable when you’ve already completed your sale. There’s no need to coordinate multiple transactions at once or face delays due to chain complications. With fewer moving parts, your solicitor can focus solely on the purchase, reducing the risk of paperwork issues or contract clashes between two properties.
Key Considerations
While selling first offers clarity, it can also introduce new financial and logistical challenges. You may need to factor in legal costs for bridging arrangements if you decide to make a quick purchase without a mortgage pre-approval in the first place. If there’s a long gap between selling and buying, you’ll also need to ensure your mortgage offer doesn’t expire, as some are only valid for a few months.
Storing your belongings, arranging short-term insurance for items in storage, and handling temporary accommodation agreements all come with their own legal and financial obligations. If renting short-term, be mindful of tenancy contracts, notice periods, and potential overlaps in costs. A proactive conversation with both your solicitor and mortgage advisor can help you avoid common pitfalls.
Which Move is Right For You?
Whether you choose to buy before selling or sell before buying, the best decision ultimately depends on your personal circumstances, financial position, and the property market you’re navigating. Buying first offers security in securing your next home but comes with greater financial risk and complexity. Selling first provides a clearer budget and often a smoother legal process, but can lead to short-term inconvenience.
Before making your move, speak with a mortgage advisor or conveyancing solicitor to understand your affordability and explore your options, and consult a solicitor to help plan the legal side of either route. Taking the time to weigh up each approach will give you the confidence to move forward with a strategy that works best for you and your situation.
At Simply Move Home, we’re here to help you through whichever direction your next chapter takes. If you’re planning a move, get your free conveyancing quotes by clicking HERE.
