This first step in the process of selling your home, is making the actual decision to sell and knowing when the right time is. The idea of moving and fresh start can be tempting but there are a number of things to consider before you bite the bullet.
Can you move your current mortgage deal?
From a practical standpoint, the first thing to do is look at your current mortgage deal and when it ends, as you could potentially face fees for moving. In some cases, your mortgage may be ‘portable’, as long as you pass the affordability tests and the lender is happy with the new property and the price you’re paying for you. Contact your mortgage broker or lender if you want more details.
What are your options with living arrangements?
You have a couple of options when it comes to your living situation after selling your home and the feasibility of these options could impact the timing of your house sale.
- Buying a new home. This is the option that most people will go for as it gets everything done in one go and can be less stressful in the long run.
- Temporary accommodation. If you don’t want to or are unable to buy a new home immediately, you may need to move into temporary accommodation. This might be living with family or renting. With this option you’ll have to factor in the cost of renting and the length of your tenancy contract.
The cost of selling
Agent fees, legal feels, removals and any work you need to do to the house before selling can all add up, so consider this before making your decision.
The housing market – is it a good time to sell?
Although there is no perfect time to buy or sell your home, we would recommend staying as informed as possible when it comes to the local housing market and in particular, what prices and sales data looks like in your area. PropertyPal releases housing market data monthly and quarterly to keep you up to speed and you’ll find all publications in our insights section.
Traditionally, the early spring months are the busiest when it comes to people looking for properties. It’s when PropertyPal traffic and enquiry numbers are highest. However, we don’t recommend being a slave to the data, as the decision is ultimately a personal one and will depend on your circumstances and your needs.
Last modified: 10/08/2022