Making the decision to sell your house is never an easy task, but it’s important to ensure that you do it for the right reasons to avoid any future regrets.
While investing in real estate has always been considered a great long term strategy for wealth generation, sometimes things simply don’t go to plan. A change in personal circumstance may motivate you to sell your house, often when you least expect it.
Although people buy and sell property every day, the last year has seen the Australian property market soar to unprecedented heights. While things are starting to simmer down in the wake of skyrocketing interest rates, you might be left wondering if you’ve missed the boat for selling your house at top dollar.
While that may or may not be true, is selling for no other reason than turning a profit really the best approach in the first place? Well, that all depends on you and the property in question.
When You Know It’s Time To Sell Your House
Did you know that on average, Australian homeowners sell their house and move to another one every five to seven years? For people who have lived in the same property for decades, this may seem unfathomable. In reality, these people often aren’t in the business of flipping houses, and a change in circumstances often leaves them with no other option.
Technically speaking, you don’t actually need a reason to sell your house. If your intention is to eventually make a profit, sitting on the property for a period of ten to twenty years will usually yield far better results than a two to five year turnaround – but what if you don’t have the luxury of time, and you need to sell your house now?
As a general rule, there are some key reasons why people sell property that goes beyond turning a profit, and a handful of the most common ones include the following.
Size Does Matter – When selecting our version of our dream home, the final product is usually closely linked to its ability to house the applicable number of occupants. If your family is growing, you’re an empty nester or you’re en route to retirement, it’s likely that you’ll want to sell your house as a means to either upsize or downsize.
Change Of Employer – Imagine this: you’ve worked for a company in Pakenham for ten years, and have lived in nearby Cranbourne accordingly. Suddenly, you’ve received an offer for a new job in Geelong. You intend on accepting the new gig, but is continuing to live in Cranbourne a good idea? Probably not, which is an instance where most people opt to sell their house.
Relationship Breakdown – Most couples purchase a property together with the vision that it’s going to be their forever home. Unfortunately, sometimes the fairy tale often doesn’t last, and a relationship breakdown often means that one person can’t afford to pay the mortgage on their own. To split the assets evenly, the past couple will usually sell the property in question.
Lifestyle Overhaul – Given what most Victorians have gone through in the last two years, it’s no surprise that the mass exodus from the inner city is still trending upwards. With a growing number of people pursuing a change of lifestyle via a seachange or treechange, selling their primary residence is often done as a means to fund a new one in a different location.
Death In The Family – Particularly common with older Australians, a death in the family often means that an asset like property is passed on as a part of a will or estate settlement. While some families choose to either live in it or rent the property out, if there’s still a mortgage attached, many families opt to sell as opposed to being straddled with an extra bill.
Upgrading Over Renovating – While renovating can often provide a means to improve a property’s look, feel and function, pressures on the building and construction industry have seen the cost and time frame of doing so blow out. Instead, families, couples and singles who are in the position to upgrade their property are simply selling up and moving into another.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.