Choosing the right time to sell and find a new home is often an emotionally driven decision supported by the realities of financial circumstances and your life stage.
Many homeowners will often delay their decision to avoid spending precious leisure time looking for a property or confront the work and stress of buying and selling.
As an experienced local agency, we see common reasons our clients choose to sell their existing property and take another step on the property ladder.
So, if you’re starting to think about a new move, here are eight factors that motivate the vast majority of owners to begin an exciting new chapter in their lives. You may recognise yourself on this list!
- Equity is burning a hole in your pocket – You’ve paid off a large portion of your mortgage and can afford to climb the property ladder. Property is an excellent investment and offers a better return than mortgage equity with the current super-low interest rates.
- You just want to go – Not every property is a home for life. The desire for a change of scenery is a strong emotion among singles, couples and families. Even if you don’t love your current home, someone will. So, work hard to prepare the property for sale, and you’ll maximise its value. But if it makes you unhappy, sell it.
- It’s too small – Your family can quickly outgrow your home as children become teenagers. If you’re feeling cramped, claustrophobic and fighting for space and bandwidth, then it’s time to make your move.
- It’s too big – Downsizing is a difficult process for those approaching retirement. Selling a family home is an emotional moment, but it could be just the tonic you need. Seek somewhere with less or zero maintenance. And make sure the location suits your needs.
- Location is vital – Moving home to be closer to your children’s school, or the grandkids, is a powerful motivator for many families. Location plays a significant role in your enjoyment of your home. Find somewhere that suits your lifestyle.
- Price is right – Many owners are motivated after finding out the sale price of their neighbour’s home. This is no guarantee you’ll get the same price or better because the dynamics of real estate change quickly. But the desire to capitalise on a strong market is a big one.
- Market mood – Even if neighbours aren’t selling, many owners will read the prevailing market conditions and decide the time is right.
- Renovation cul de sac – It’s tempting to invest in renovations rather than find a new home. But if you’ve maximised the space in your home, and additional upgrades will add little value, then this is a great motivator to find your new dream home.