Are you thinking of moving but need to sell your current property to finance your next move? Pinpoint Property have some advice on two of the most common mistakes people can avoid when first considering selling their home and buying their next one.
Most people decide to sell because their current home no longer fits their needs and there are things about it that have become irritations too large to ignore e.g. not being able to park outside your door was fine when it was just you, but now there's two of you and children and shopping to manage etc.
The first thing many people do when they make that decision to move is get excited and begin to anticipate their next home, where it will be and what it will have... and the irritations it won't have. It's this excitement that often leads to two key first mistakes:-
- Browsing properties online without knowing your budget
- Making viewing appointments without knowing your budget.
1 - Window shopping without a budget
It's only natural to want to window shop first to see whats out there. You've just made the decision and it's exciting to think your dreams can be realised. It's also only too easy to get carried away. That sprawling home with your dream kitchen with the island unit you've always wanted catches your eye...the glossy bathroom that's bigger than your current bedroom with a bath you can imagine sinking into, locking the door on the mayhem for one hour of blissful peace, and ample parking...enough for 3 cars! You know you can't afford these houses (yet!)...but hey, it doesn't hurt to dream! Does it?
It might. It's great to have that big dream, but we advise that you temper it with a little reality...you may need to dream more than once to get to where you want to be and if you can't afford the ultimate dream just yet, concentrating on it now can affect your ability to achieve the goals that will help you reach it.
If you plan this move to be your forever home, then it's a bit like trying on costly designer wedding dresses you can't afford. It doesn't hurt to look whilst you're still only playing around with the idea of it. But, if you have decided and are making plans, falling in love with a property outside your reach can damage your search, delay your timeline and dampen your enthusiasm for the property you finally select as your next home.
The properties in the price range you eventually realise you can afford pale into insignificance against those you have been dreaming about and every property you look at is "too small", "too dated", "too far away"and"not to your taste" etc. Meanwhile, your perfect home may have been right under your nose all the time...until someone else decided it was perfect for them.
Once you have gone through the stages of denial, acceptance and grief for the home you can't afford, taken some time out to reassess reality versus expectation, then many people find themselves 'settling' for one that will 'do for now'. Starting off life in your new home with one foot already out the door means its a long uphill climb to falling in love with it and some never do.
2 - Viewing properties without knowing your budget or having your own property on the market.
To be frank - this isn't a friend winner. It's not practical on your part either - if you see a property you love but aren't in a position to offer on it, how will you feel if it's gone by the time you have all your ducks in a row?
Estate agents are employed by property owners to find them a serious buyer for their home. Until you are aware of your affordability levels, and at the very least have had your own home valued, you are not considered a serious buyer.
Agents are aware of the issues that can affect their vendors viewing availability e.g. work shift patterns, children, pets, and the sometimes extreme efforts some vendors push themselves to make to get their home presented to its very viewing best. Time is valuable, to our vendors, and to the agents showing you around - who may well be thinking of the productive time they are losing. Most agents will be very reluctant to put their vendors to that trouble only to have to explain to them in the viewing feedback that they did so for someone who isn't actually sure they can afford it and has a house to sell that isn't on the market. It puts the agent in an awkward position with their client, so don't be surprised or upset if your request for a viewing appointment is initially refused until you get yourself further into buying position.
Remember, you are really only in position to offer on a property when you have an acceptable level offer on your own. Yes, you can offer at any time, but no estate agent will recommend their client accepts an offer and removes their property from the market for someone who has not yet proved their ability to buy, or sell.
What should you do when you decide to sell your own.
- Get your own home valued
- Speak to a financial advisor to find out if you can get a mortgage and what your affordable budget level is
- Appoint an estate agent and put your property on the market
- Start your new home search
How can Pinpoint help you?
1) We offer a free no obligation valuation service at times that suit you. And if you're not quite ready for a valuation appointment at your home, why not try our online valuation tool, accessed through our Facebook page on your mobile phone? It's simple, easy to use and you only need to upload three photographs to receive an estimated valuation of your property. It won't be as accurate as a valuation at your home, but it will give you a very good initial idea of value. Then, when you are ready, you can make an appointment with our valuers at a time that suits you.
2) We offer an independent financial services through Faye Culbertson of Milecross Financial Services. Appointments are available evenings and weekends and she can access discounted rates from the top 50 mortgage providers that you would not be able to access directly with lenders, even if you bank with them directly.
3) When it comes to choosing an estate agent we don't think you can do any better than choosing Pinpoint. We pride ourselves on the quality of our service and communication. We use every tool available to market your property to the widest possible audience to great success. Then when you have agreed your sale we closely monitor its progress through to completion, actively working with all parties to smooth the way and keeping everyone up to date. See what our previous clients have to say here
4) We can help you with your property search too. We have a wide range of properties available for sale and you can register on our mailing list to be the first to hear when new properties come on with us.
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