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Rent while you search

Tuesday, 30th April 2013

Categories: Lettings Sales

Author: Peter Barry

With good properties in good areas still flying off the shelves, it always pays to be ahead of the game when it comes to making an offer. Regardless of whether you offer the asking price, canny vendors are all too aware of the other influencing factors these days. Some might have been stung in the past by wobbly chains that couldn’t take the strain and finally collapsed, or they simply want to know that the sale will progress as quickly as possible and are looking for the buyer in the best position to ensure this happens.

However solid your intentions, if you have a house to sell, you are immediately placing yourself and the vendor in a vulnerable situation – one which neither of you has control over. For this reason, vendors will be more positively disposed to a purchaser who is currently renting, or who has funds in place to complete the purchase without relying on the completion of their own property. It might seem like a great deal of upheaval to sell your property and rent while you look for your next house but an increasing number of people are going through this short-term hassle in order to secure their long-term goals on the property market. If a six-month rental period could ensure you find and buy your dream house, it could well be worth it.

By renting, you are immediately placing yourself in the optimum position to offer on properties you are interested in – and your offer is more likely to be seriously considered, as you are ready to move on the purchase with no strings attached. If you have sold a property, this also means that you have proof of a healthy deposit sitting in the bank, which is another great selling point for vendors. If you can arrange a mortgage deal in principal then this is another plus point in your purchasing armoury and the vendor is likely to see the potential time-savings involved should they accept your offer.

If you’re serious about seeking out the forever home, you need to be one up on the rest of the buyers, and being a chain-free proposition will ensure you’re at the top of the pile.