How do you know when it’s time to move on?
As median house prices continue to rise, many home owners find themselves in a conundrum. Should they take advantage of the market and sell, look for something new or stay put and renovate?
It’s a question thousands of Australians deal with each day. In fact, such is the gravity of the decision, it’s the premise of a new television series, Love It or List It.So what do you need to consider when contemplating selling your home and how can you be certain you will make the right decision? We’ve put together a list of ideas and considerations which may help you with the process.
Motivation: Be clear about your motivation for selling. Is it more space, a change of scenery or to try and make money? If it’s more space you’re after, have you consulted with an interior designer or architect to ensure you are fully utilising the space you have? If it’s the latter, be careful that you are being realistic about the market price. Whilst houses can sell for above-average prices, this is an exception, not the rule!
Market considerations: As real estate prices increase, it’s tempting to sell, especially if you have positive equity in your home. But remember, if you’re selling high then you’ll be buying high so the same economic factors need to be applied to your next purchase. Sure the market may shift, but it’s very risky to try and chase it.
Honey I’ve blown up the kids: Many people arrive at the point of considering renovations or selling simply because they want more space. If this is the case, you also need to consider the importance of the surrounding neighbourhood and amenities of the area when making the final decision. It may be the case that you won’t be able to afford to upgrade to a new home in the same location – will you be comfortable with that?
Honey I’ve shrunk the kids: Are you a newly appointed empty nester? If so, congratulations – freedom is yours! Downsizing and relinquishing all of that unneeded space can have considerable advantages – less cleaning, lower maintenance and less chance of your children moving back in! So go, take advance of a move that enhances your new freedom – you’ve earned it!
When we invest so much in to our home, it’s no wonder the decision to sell is a difficult one. After all, it’s not just our home we are potentially saying goodbye too, it’s our neighbours, the local coffee shop, perhaps a school or an easy ride to work. All those things that blend together to create your life. Ultimately you want to ensure you are making the decision knowing you have considered all of the factors that go with it.
For further information about listing your home, contact your local agent on 03-8372 2018