If you need to sell your home in order to purchase another property, we advise you put your home on the market now. In order to buy a property you need to be in a good position.
Due to the market being very competitive, sellers are often asking for buyers who are ready to move forward with the sale. You don't want to be looking for a property and not be able to proceed because in this market there will most likely be another buyer who will be accepted because they are in a better position than you.
You don't want to have a viewing at your dream property but not be able to make a serious offer because you haven't sold your property. The market having a shortage of stock means sellers are looking for buyers who are committed and motivated to complete the sale. You really want your property to be at least 'under offer'. It's no good making an offer you can't deliver on.
Be ahead of the game, you don't want to be rushing. As a seller, you want to find a good buyer too. By putting your property on the market now you allow yourself more time to find that dream property but also a good buyer too.
Know your Budget-
Buying when you don't have a budget and your funds in place is all hypothetical. You want to be in your strongest position to buy, you want an accurate budget so you know what you can afford to buy. You might have had a valuation on your property but until you secure a buyer you don't know what your funds will be.
There is nothing to lose and everything to gain-
A lot of people worry what if they secure a buyer before they've found a property to buy. Don't worry, there's a few things you can do. Either have a short tenancy whilst you look for the perfect home or advise your agent to speak to the buyer and advise you want to find a property before completing on this sale. As long as you make the buyer aware and they are happy the agent and solicitors can slow the process down. As long as parties are honest from the start of the sale things will be fine. Just don't start dragging your feet later on in the sale and risk losing your buyer.
In a nutshell, advance preparation is key to obtaining what you are looking for in your new home.