Selling your Large Home and Buying a Smaller One

Sale and Purchase of Property

If you are buying a smaller home while selling a larger one, ideally you want the market to be rising. That way you can easily sell your home, and if you gain 10% on a £300,000 home but have to pay 10% more for a £150,000 home, you end up pocketing £30,000 versus spending an extra £15,000, so you are quids in.

Unfortunately, the current market isn't working in your favour, depending on the type of property you have and area you are living in. For our full property market report, visit the Designs on Property website.

For those looking to trade down though, it's important not to worry too much about the market. Mainly, people trade down from properties they own outright, releasing equity so you can enjoy life. Or you may be in the unfortunate situation of getting divorced, so are forced to sell and find something smaller.

READ MORE to find out what to do if you are:-
Trading down - cash purchase  or Trading down due to divorce/separation

Is now a good time to buy or sell a home?

Is now a good time to buy or sell a home?

If you are buying and selling a home, the ideal market is really one which is falling for a short period of time. This means you may sell the property you own for less, but you should save more on the one you purchase, so you benefit financially.

Typically though, for anyone buying or selling, it doesn't really matter too much what's happening market wise. When prices are going up, it's easier to sell your property and although you may have to pay out more for the larger property you are buying, you still get to move and over the long term, will benefit as prices rise. If prices are falling you also do well as you sell your property for 10% less than it was previously worth, for example a £150,000 home sells now for £135,000.


FOLLOW THIS LINK to decide whether now is a good time to buy and sell!