Should we stay or should we go in this market

Time and again people spend years researching their move and then come to make the move and the market has done something crazy and changed from their expectation - not fitting with their plan.  

The big question now is what should you do if you find yourself ready to move but unable to sell or not sure whether you should sell.   

You have a couple of options for what to do if the market is not doing what you expected.

  1. Stay put for a few more years because we know historically these quiet moments don’t last
  2. Rent your house out and rent in the new area
  3. Sell your house and buy capitalising on the slower market and negotiating on the house  you’re buying
  4. Sell your house and rent

 

Stay Put and Wait

Good idea

You’re not fussed about moving out and have no major pulls for the move.

Concerns to consider

If you have school age children, there are better times to move than others for your children.

You may feel like life is on hold which is unsettling.

You may not be able to buy what you want when you do move.

Waiting for the perfect moment can mean it never happens.

Rent and Rent

Good idea

If you’re not 100% sure of the move itself it’s sensible to retain the option.

Can give you a chance to ‘try out an area’ - try before you buy.

Keeping a foot in the London property market is a safe long-term investment.

You can choose to sell at a later date when the market is stronger.

As it's not your property when you move you can concentrate on settling into the area rather than refurbishing and decorating.

Concerns to consider

If you fall in love with an area you will have narrowed the search area making it all the harder to buy when you move.

Renting can feel unsettling.

If your property in London doesn’t have a tenant, you will be under pressure.

You might end up renting a larger property than you can afford to buy later on and find it harder to downsize

You’ll have to consider who will manage the property and make sure you budget to allow for empty times.

 

Sell and Buy

Good idea

If you’re sure you want to move and you know where you want to move to.

If you’re prepared to be flexible on the house you’re buying, when there is less on the market.

If you’re up for the challenge of selling in a slower market.

Concerns to consider

You might not achieve the price you have in mind.

Your property may take longer to sell than you want.

You need to think outside the box in terms of viewing the houses on the market to find one that works for you - check out this article on tips for selling in a quiet market

Sell and Rent

Good Idea

If you can’t find the house you want to buy but you know you want to move.

You have better negotiating power when you come to buy because you are chain free.

Concerns to consider

You need to keep a close eye on the market - you don’t want to sell on a market that is dropping and find it’s shot up before you purchase the next house.

 

If you're struggling to sell you might appreciate this article to help you with some ideas. How to sell in 2018

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