Have you ever noticed the words “chain free” when searching for a new home? If you have, it means you were looking at a property that didn’t require an onward purchase to complete, which reduces the chances of the chain breaking down.
And if you’re not relying on anyone buying your home either, you can enjoy the house-buying experience completely chain free. Good times! As you may have guessed by now, buying chain free has plenty of upsides. So we thought it would be a great idea to list the benefits for you.
Read on, and discover the pros of buying chain free.
But first… what is a property chain?
We’ve already covered property chains in more depth, but in a nutshell, a property chain is when a link of buyers and sellers are connected through their transactions. Each property purchase relies on the success of the next one, and if one falls through, the whole chain can break.
What are the benefits of buying without a chain?
Property transactions are shorter
Property purchases that don’t require a chain tend to complete faster than ones that do. You’re only relying on your purchase to go though, which means there’s no risk of the chain breaking or the process being delayed because someone else in your link has issues with their sale.
Chain free buying is more straightforward
Purchasing without a chain is much more straightforward and stress-free. As a chain-free buyer, you don’t need to concern yourself with other property sales, nor are you relying on anyone else for your purchase to go through. It makes the entire process a more simpler affair.
Sellers prefer chain free buying
Buyers who don’t require a chain to purchase their home are more appealing to the seller. They know that your purchase doesn’t rely on any other links, which means that you’re more likely to complete without having the worry of the chain breaking. For a seller this offers more of a guarantee that the sale will go through.
How can you be a chain free buyer?
Renting before buying a property
One of the more popular property trends at the moment sees buyers selling their home and renting in the short term. This gives them a little bit more freedom, as there’s no pressure to find a home before the sale completes.
Renting also means that buyers can look for a new home away from property chains. Not having a home to sell when buying can be advantageous when negotiating a house purchase. This is because you can move faster and negotiate over the price, potentially getting a significant discount.
While renting is an option for chain-free buying, it can prove complicated and costly. You will need to pay monthly rent, which could last for anywhere between a few months and a year. Another chain-free buying option includes using a service that buys your house from you directly.
That means you can look for your new place free from any property chains and safe in the knowledge that you have a buyer for your home.