Are you struggling with the decision to pack up and move house? The first thing you should do is to evaluate your motivations behind the decision to sell and then develop a plan and prioritise approach to the move. Here are 5 reasons why people move house and sell their old home:
#1 Financial reasons
Unfortunately, the decision to sell a property is often the result of financial difficulties or external pressures. Perhaps you lost a job, fell ill and were unable to work, or ended a relationship with a partner who was helping pay the mortgage. Sadly people can commit themselves too deeply without realising the reality of a situation. It’s often devastating when you are forced to give up the dream of your own home, which you have worked so incredibly hard to achieve.
Occasionally, 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. You should definitely consult a financial adviser who will be able to help set out your options.
#2 Have you outgrown it?
Sometimes you outgrow your current property, as life means change, often for the better when it comes to new arrivals in the family. Do you simply have too much stuff and don’t have the space for it? If you don’t want to renovate a small house, do you have the means to sell up and move on to something bigger?
On the other hand, maybe your house is no longer suitable for you. Perhaps your children have grown up and moved out, leaving you rattling around in the family home. In this instance you may want to free up some money by downsizing.
Your housing needs are different throughout certain 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 ripe to sell
Ideal market conditions can often mean it’s a good time to downsize, or buy a property of lesser value to your existing property. For some, it would make sense 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 makes it an opportune time to sell if your home has some negative aspects such as being on a main road, having a train line at the back fence, or is in any way unusual or out of the ordinary. Less properties on the market often results in buyers not being overly picky and they are likely to overlook some flaws.
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
Changing circumstances often result in the need to move. You may have changed jobs, moved offices or are tired of a long commute, these are just some of the reasons why people choose to move.
Or perhaps change is coming to your neighbourhood – is the streetscape changing, is it on the up or down? Is there recent gentrification or big plans for infrastructure or services that may affect your property? Maybe it’s a lifestyle change you are after and so you swap the city or suburbs for a coastal hideaway.
#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.
Thanks so much for reading,
No Worries Removals
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