Whether buying or selling a property, being part of a housing chain is always a fragile situation. And the more people involved in the chain, the more prone to problems it becomes.
If a house sale falls through further up the chain, it can have a domino effect right down the line. That is why having as fewer people as possible in the chain, or even better, having no chain at all, is always ‘the ideal’.
There are, however, ways to break the housing chain, especially if you – or other parties in the chain – are open to the option of renting a property for a while, or even temporarily moving in with friends and family.
If you are concerned about storing your possessions during this interim period, then self storage can be the perfect solution, and what is more, you can still access your goods as and when you need them.
Very often there are advantages to be gained from selling and moving out of your existing property before buying your new home.
Here are 3 reasons why it can be a good idea to sell before you buy:
1) Stronger Powers of Negotiation
Homebuyers who are not in chains generally have much stronger powers of negotiation than those who are reliant on someone else buying their property in order to make the purchase.
Sellers like those magic words ‘we’re not in a chain’! That is why selling your existing property before you buy a new home can put you in a very strong position, in terms of negotiating the best price and reducing the risk of being gazumped.
This is especially so if the seller is in a rush to sell. There is a lot to be said for having the money in the bank when it comes to house buying, and don’t forget self storage is always available as a stop-gap.
2) More Time to Make Decisions
Moving home is often dubbed as one of ‘Life’s Big Events’ – and sometimes one of life’s most stressful events! While it may be ‘big’, it doesn’t’ have to be ‘stressful’ and it should never be a rushed decision. Selling before you commit to buying another property buys you thinking time. It also stops you from being rushed into a sale or pressurised into accepting the first offer that comes along.
3) Stress-Free Moving
If you’re selling up and moving in with family for a while or into a furnished rental property not only is it nice to have the cash from your house sale sitting in the bank but it makes moving house a whole lot less stressful too.
In a housing chain, you’re forced to move out of your house and into the new house on the same day. Whether you use a removal company or move yourself, there’s little if any time to set up a bed, curtains etc. This limited time can be even less if there’s a hold up on moving day with money transfers and getting the keys to your new home.
If you’re moving into storage, however, there’s no pressure. You can do the move over several days if you want to. Or if you want to do it on one day, people often move into storage the day before they are due to hand the keys over to give them time for a last clean and check over of the house to ensure it is ready for the new occupiers. The whole process is just a lot more relaxed and puts you in control.
The same applies when you come to move out of storage. When you get the keys to your new home there’s no time pressure to move into your new home. If there’s some work to be done to your new home you can leave your belongings in storage whilst the builders or decorators are in.
Alternatively, if your new home is fit to be moved into, you can choose whether you move everything in one day or over a couple of days to give you time to sort through things.
Keeping Your House Sale on Track
If you are in a housing chain, circumstances can sometimes dictate that you look at the option of moving into rented accommodation just to keep your own home sale on track.
You may, for example, have found a good buyer but for whatever reason, the house you want to buy falls through. This could be due to legal problems with the house you are buying, a change in personal circumstances for the seller, or a withdrawn mortgage offer, etc.
In these circumstances, renting a property on either a short or longer-term basis can be helpful, and if you and others in the chain are open to this suggestion, it can really help the entire process.
It’s a way of breaking the chain and keeping your own home sale on track. While renting a property can sometimes feel like ‘dead money’, it can have its advantages too – as a cash buyer of your new home, your increased bargaining power can sometimes help cover any rental expense.
How Can Self Storage Help if I’m Renting?
Obviously, when you sell your home, you will need to move out your furniture and possessions ready for its new owners. What happens next depends on whether you are renting a fully-furnished, semi-furnished, or a non-furnished property. In the first two cases, furniture storage is likely to be needed.
If the house you are renting is unfurnished, then depending on space, you may be able to move all your furniture straight in.
This said, choice in the rental market can often be limited. Whilst you may find a similar sized house to move your furniture into, the house may not have the garage or garden shed that you wanted or the outside space might be limited.
In these circumstances, a small self storage unit could be the answer to store those garage tools, excess boxes, garden furniture, or BBQ etc. A self storage unit gives you the option of storing securely for as long as you need whilst also giving you access to your things if you need them.
Furthermore, using self storage services affords you the option of renting a smaller property, which may help to reduce the property rental costs. The cost of renting storage space can be less expensive than renting a larger property and it’s flexible too, so self storage can be a useful consideration.
Want to Find Out More?
If required, we can also help with a high-quality, low-cost removal and storage solution. We’re a one-stop-shop to make your move and storage as easy and hassle-free as possible.