There are many different reasons why you might want to sell your house, but it can be daunting even if you know it is the right thing to do. After all, it is likely the most expensive thing you own and probably has some sentimental value as well.
Here are a few things to think about which will help you decide if you are ready to sell.
- You need a bigger house
One of the most common reasons people sell a house is so that they can acquire something that is bigger and suits their family’s needs. If you have a child on the way, or are finding that your kids will no longer share a bedroom, it’s probably a good idea to find something a bit more spacious with a backyard for the kids to play in.
- Work
Another common motivator to sell, where you work is an important factor to consider before selling. Most people choose to live as close as possible to work to minimise their commute. If you find yourself with a new job that is too far too consider driving each day, you will likely need sell your house and move closer.
- Taking advantage of equity
If you’ve lived in your property for five years of more, you’re likely to have built up some equity. As the years pass by, your property will slowly grow in value and you can use this equity to sell and move to a bigger place, or to a house which better suits your lifestyle.
Before considering selling to access your equity, you should consult with a Vendor advocate who can give you advice on the current market and an appraisal of what your property is likely to sell for.
- Favourable market conditions
If you have been thinking about selling but haven’t quite gotten around to it, a strong market with promising property prices might just give you the kick you need to get your property on the market. Booming property markets are the best time to sell as you are likely to sell quickly and at a premium price.
However, you should be cautious because once vendors sell their properties, they usually become buyers and you’ll likely pay a premium for property if you have just sold one at a premium price. This is why it is best to consult financial advisors and real estate professionals such as vendor advocates on what the best strategy going forward is.
- You are financially stable
If you have built up some decent savings and are comfortable with renting for a couple months or finding other living arrangements, then you shouldn’t put off selling your property. In real estate, those who hold property for longer generally win out over people trying to flip properties for a quick profit. If you have enough cash for a deposit on a new place, then you’ll probably be better served by selling sooner rather than later.
When NOT to sell
There are certain time and situations where it may be a better idea to hold off selling for a year or so. Just because the market is booming, doesn’t necessarily mean that you should sell. You should have all your finances in order first and consult a Vendor Advocate to get a market appraisal from a property professional who deals in the property market every day.
