So you’re teetering on the edge of a decision to sell your property. Have you asked yourself why you actually want to sell or closely examined your motivations? And what are the concrete reasons you should actually sell your property?
Here are the top 5 reasons to sell a property:
1. Financial reasons
Some of the sadder reasons to sell a property are the financial ones. But they’re also some of the most important, and best addressed early before you go too far down the cycle of debt.
Maybe you lost a job, fell ill and were unable to work, separated from a partner who was helping pay the mortgage, or simply committed yourself too deep without realising it. It’s often heartbreaking when your hand is forced, and you have to give up the dream you’ve no doubt worked very hard to achieve.
But financial reasons for selling can also be very positive – often vendors are cashing in on years of capital growth and improvements by selling, placing them in a great position to take advantage of a move up the property ladder.
A financial adviser will be able to help set out your options.
2. Have you outgrown it, or has it outgrown you?
Sometimes you’ve simply outgrown your current property. Too many kids? Too much stuff? If you don’t want to do a renovation or potentially over-capitalise on a small house, it could be time to sell up and move on to something bigger.
On the flipside, maybe your house has outgrown your needs. You could be rattling around in the family home, the kids have flown the nest and you want to free up some money by downsizing.
Different properties are for different times in your life. Being in the wrong house at the wrong time is a very good lifestyle reason to sell up and move on.
3. The market is in your favour to sell
A strong market is often a good time to downsize, or buy a property of lesser value to your existing property. It’s can be a good time to sell and move into a retirement village for instance, or go from a big house to a smaller, more affordable property, like an apartment.
A strong market is also an opportune time to sell if you home has some negative aspects such as being on a main road, has a train line at the back fence, or is in any way unusual or out of the ordinary, or on an unattractive block. If there are less properties on the market buyers can often be less picky, and may overlook any flaws in what’s on offer.
A slower market is conducive to buying a more expensive property or upsizing. That’s because there will potentially be a smaller gap in price between the two properties.
4. Change is in the air
Maybe you bought the home thinking you could change it, but you can’t. Perhaps you’ve changed jobs, moved offices, or are sick of a long commute.
Or maybe change is coming to your neighbourhood – is it on the up or down? Can you take advantage of recent gentrification? Are the neighbours changing, knocking down and rebuilding, or is the streetscape changing? Are there big plans for infrastructure or services that will affect your property – for better or worse?
Maybe the area no longer suits you (eg: your kids have left the local school), or the grass looks much greener elsewhere and you’re looking for a lifestyle change (you’d rather move to the coast, or into the city).
5. It’s the right time for you
Buying and selling property is a very personal decision. Ultimately, while there are better and worse times to sell or buy a property it comes down to what suits you, your lifestyle, finances, and plans.
When you balance up all the pros and cons, practicalities and emotions, if it’s the right time to leave, for whatever reason, then it’s probably a good time to sell.