People often say that buying a property is one of the single most important financial decisions you will ever make in your lifetime. I tend to agree but if that’s the case, surely selling a property is up there too. But when is the right time to take that next big step and sell up?
Knowing when to take that leap of faith and finally put your home on the market for sale can be difficult to judge. Here are five pretty obvious signs that could well signal the time for you to move on is now.
More often than not your first home is not your last. But once you’ve out grown your principal place of residence or it no longer meets your needs, you’ve basically got one of two choices. You either need to make it suit your new needs, which in all likelihood will involve spending a lot of time and money on your part, or you need to move on and find something else that will suit your needs.
Whether your needs are personally driven such as wanting to be closer to the kids school, nearer to work or even closer by to ageing grandparents or more financially based such as wanting to reduce your debt or expenses, when your needs fundamentally change from those when you first bought the property it is probably a sure sign that you are ready to sell.
Regular upkeep and maintenance on a home adds up and over time bigger ticket items also need addressing. Replacing roofs, re-wiring, installing new kitchens and bathrooms are particularly costly when they fall due. If you know you wont be in your home for too much longer, consider whether major overhauls and cosmetic improvements and the effort and cost that goes with it, might be best left to a new owner so that they can add their own personal touch after you have sold and moved out.
Just like property, people go through different stages or cycles in their lifetime. Perhaps you first bought your property when you were single and are now married and contemplating starting a family. Or maybe you raised your kids in the family home that’s now got way too many empty unused rooms now the kids have emptied the nest.
Whatever the life stage you might be in, if your personal circumstances are materially different to those when you first bought the property you are living in then chances are it could be time to sell.
If you are spending every spare minute of your time looking at properties online and checking out local open homes on the weekend, then there’s a good chance you have subconsciously made up your mind to sell. Working out what your own property will sell for is a sensible step before you take the next leap of faith and list your home for sale.
If you are the decisive type it may well be the case that you have already found your next home or know exactly where the next place you want to live is. If so, it’s always wise to make sure you carefully consider the pros and cons of selling or buying first. Many people get this wrong an it can cost them in a very big way. Bridging finance can be tricky and isn’t the only option. Depending on your circumstances, selling your home with an extended settlement period or staying on as a tenant for a while post sale may be a far better option. What’s important though is that you carefully think things through and consider all of your options.
As a buyers agent I often have people use me as a sounding board to help them decide if the time is right for them to sell. Truth is it doesn’t matter where you live, if any of the above five signs are obvious to you then you might want to start vetting the best local selling agents.
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Shelley Horton is a buyers agent and the founder of Sydney based exclusive buyers agency Albion Avenue. With a 20 year career honing her skills in every aspect of the property industry Shelley knows what makes a property worth buying and how to get the best deal.
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