Buying or selling a house is like no other transaction. It’s as much an emotional decision as it is a financial one. Your home is where you live, the key to future financial freedom, the little slice of ‘heaven’ that’s all yours. It’s the place you spend the most time. It’s where you build memories and share the years.
Choosing to sell your home isn’t a decision that happens overnight. It requires a great deal of reflection, introspection, and forward-thinking. You don’t want to rush this stage. It’s easy to jump straight to the excitement of what’s next — how much you can sell for, where you’ll move to and what this decision will open up for you — but take your time with this.
Like all things property related, your goals will point you in the right direction. These will be different for everyone, which is why this reflection stage is crucial. It doesn’t get spoken about enough in the world of real estate. Selling your house is one of the most important decisions you’ll make in your lifetime. It affects every part of your daily life.
Weigh up the pros and cons, speak to friends and family, think about your plans for the next 10 years, and listen to what your gut is telling you.
There are a myriad of reasons why you might consider putting your house on the market, to buy or rent elsewhere.
With housing turnover reaching the highest level in 12 years, the past two years have been a lucrative seller’s market. CoreLogic estimates there were nearly 598,000 house and unit sales across Australia over the year ending August 2021 — the highest number of sales since 2004 and a 42% increase in annual figures the previous 12-month period.
From a financial standpoint, there’s never been a better time to sell a property. If you want to capture the tailwind of this historic market, you still can. The market is already showing signs of easing. Research the fees and commissions involved in selling a house. Your property value might surprise you.
You might need a bigger or smaller house. Maybe you purchased the property when you didn’t have kids. Your family might’ve stayed the same you’re now working remotely and have different requirements for your home now. Maybe the kids have left and you’re finding maintenance and upkeep a challenge.
You might’ve bought the house as an entry into the property market. You didn’t love the house or location but it was a great first step. Now, you’re ready to move up the property ladder, to search for your ‘forever’ home, after years of letting the house appreciate in value. You now have more buying power.
This is more of a logistical, practical choice. You or your partner has a new job and you don’t want to, or can’t, travel that distance every day.
Neighbourly problems are all too common. They can cause you to relocate, just to have a fresh start. This is especially true if you live in a shared complex, where neighbours have to make shared decisions. Maybe the suburb has simply changed since you moved in and it’s lost the charm you once fell in love with.
You want a change in lifestyle. The cost of living in your area no longer fits. You’ve changed in the years since you moved there and the house no longer feels right. Maybe you want to be closer to family or find a better quality of lifestyle.
You’re happy to move to be in a better school district for the kids. Travelling to and from school every day is taking up too much time. Moving is more beneficial in the long-term. House prices might be higher closer to the good schools but it’s worth it in the long-run.
You’ve had a change of circumstances. You’re no longer with the person you bought the house with. Neither of you can buy the other out. It’s easier to sell your shared home and go your separate ways.
You might’ve been caring for a parent in the house and they passed away. You might’ve lost a spouse or another family member. It’s hard to stay in the house, and the four walls where all those memories live. You decide it’s time for a new chapter, using the sale money to start anew.
You enjoy the process of renovating an old house and selling it for a profit, within a short space of time. You’re looking for a new property to transform and profit from, as part of your financial strategy. You know how to increase real estate property value.
There’s no one clear trajectory when it comes to selling a house. Yes, there are key milestone steps to take but everyone’s experience is different. The same goes for your reason for selling. It’s unique and valid to you, no matter what. There are also multiple ways to sell a home.
You might want to put your retirement plans into action, use equity that’s accrued over the years to enjoy the years ahead or move because you don’t have the energy to fix your current house. What’s important is making the decision for yourself.
Sit down and map out your financial, family, lifestyle, career and retirement goals. How does selling your home affect all categories? Use these goals as your guideposts as you navigate the often overwhelming, yet thrilling time of selling a house.
Understanding your goals and being prepared for your journey is invaluable. But knowing this makes it even better, easier, and more reassuring. Agent Select is right here by your side.
Agent Select is a free, independent service that helps homeowners select the best performing real estate agent and negotiate the most desirable terms to sell their property, anywhere in Australia.
Using our sophisticated algorithm, we find the top three performing local real estate agents in your local area. Rather than inundating you with dozens of calls from agents hungry for a commission — like other comparative websites — we only connect you with the best agents, then guide you through the whole process. This is empowered selling.
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