FACTORS TO CONSIDER BEFORE YOU SELL UP

Strategic view The “sell first, buy later” strategy works particularly well if you have something sought-after to sell – a home with a sea view, say – and are looking for something more everyday such as a turnkey apartment, according to Carol Peett of West Wales Property Finders. “We are advising clients who have very desirable houses that now would be a good time to sell and to rent, and wait for the market for more mid-range houses to stabilise and drop slightly, so they are ready to swoop in and get the pick of the crop at a reduced price.”

Rent restrictions

Finding a suitable rental can be challenging in a market with a real lack of stock. And renting after years of home ownership can be a shock to the system.

Consider costs

Extra costs to consider if you go for a period of renting include furniture storage, if your rental already comes furnished, and two lots of removal vans.

Double dilemma

Since most tenancies last for a year you could end up paying rent and a mortgage for several months after you have bought your follow-on home.