Friday, April 16, 2021
Moving home is said to be the third most stressful thing you can do, so if you can do anything to reduce that stress, so much the better? When buying your next Holme Valley home, being chain-free can certainly reduce your stress and offers many advantages over other buyers (and some disadvantages).
So, what is a chain? A property chain is made when there is a line of home buyers and home sellers linked through their property transactions e.g. a Holme Valley first-time buyer purchases a property, the sellers of that property then buy another property, and those sellers then buy another property, so on and so forth. Each home sale and purchase are reliant upon the success of every property in the so called ‘chain’. This means if there is one hiccup on one of the properties, every sale and purchase along the whole chain would collapse. No wonder everyone is on tenterhooks when there is a long chain involved.
Yet Holme Valley buyers who sell their home before searching for a new Holme Valley home considerably reduce their stress levels because they are not needing all the ducks to ‘line up in a row’ on the sale of their home in order to buy their new Holme Valley home.
Sounds brilliant this chain-free life doesn’t it? Everyone is a chain-free buyer once … when they are a first-time buyer or if they are lucky enough to have an additional home to move into. The other option is selling your home and moving into rented accommodation, but that will end up costing quite a few thousand pounds (in what many perceive as wasted money) together with the added cost of employing the services of home removers twice (with all the hassle that entails doubled!). However, that is what many Holme Valley homeowners are doing.
I can’t disagree, moving home twice in a short period will be stressful and rent could be perceived as ‘wasted money’, but I have to recommend you look at the bigger picture. It is one of the sturdiest sellers’ markets in a generation, meaning you should get top dollar for your Holme Valley home, knowing that many buyers are keen to complete before the stamp duty holiday ends in the autumn.
Then, by waiting for the return of stamp duty and the COVID immunisation programme, Holme Valley homeowners should have the peace of mind to place their property on the market; resulting in Holme Valley house prices beginning to cool and the number of properties for sale to increase. Then you could pounce in and buy, with more Holme Valley properties to choose from- at more realistic asking prices.
Of course, these aren’t all Holme Valley homeowners going into rented accommodation hoping to bag a bargain next year. Many of the bungalows are being sold because their homeowner has either moved into sheltered accommodation or sadly passed on and there are landlords selling their buy-to-let rental investments.
And don’t get me wrong, there are also risks involved with this type of home buying strategy. Moving into rented accommodation means you are out of the Holme Valley property market. Property values could dip in the next 12 months, yet they still could continue to rise - you are taking a gamble on a dip in the market.
Like most things in life, it depends on your own personal circumstances, where you are in your life, your attitude to risk and your belief on what will (or won’t) happen to property values in the Holme Valley over the next 12 to 18 months.
If you would like a chat about your potential choices for your home move, then feel free to give me a call.
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Selling fewer houses - because you didn’t care how many homes I sell, just that I sell yours.
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