Selling a home isn’t an easy decision and there are a range of factors that may affect you:
1. Positive Equity In Your Home - One of the best financial factors of selling is having a positive equity in your most important, valuable asset…..your home. Equity is determined by how much you gain or lose once the balance of your mortgage is subtracted from the current market value of the home. Ideally you would use the remaining to cover the deposit of your new property and all other associated moving costs so that you are still in a positive financial situation. The best way of ascertaining this is to discuss this with a mortgage professional.
2. A Financial Decision - Your neighbours have just sold for a good price because you live in a growth suburb. Property is a great investment and it may be time to climb the property ladder and build your wealth. Your primary residence is one of the biggest tax-free investments you can own. Discuss the outcomes you may be able to achieve with our senior sales agent.
3. An Emotional Decision - Selling a home is both stressful and emotional. Divorce, children moving out, elderly parents needing to move in with you so that you can take care of them are all decisions that you may not have been ready for. Sometimes letting go and recognising that this choice is the best for your family is well worth the sanity in the long run.
4. You Need To Upsize - You can easily outgrow your home when your family starts to grow, you need more bedrooms, storage and a larger outdoor entertaining area. You may have started to work more from home and you need a home office. Your home no longer accommodates your family and or life style. Before renovating, think about how much the renovation may cost to ensure you don't over-capitalise, consider the time the renovation may cost and if the outcome will be a long or short term gain. Discuss with an agent if they believe the upgrades are financially worth it or not.
5. You Need To Downsize - Many people ponder selling their home once their children have grown up and left home. The upkeep of a larger home and garden doesn't make sense, is a real chore or has become difficult. Some rooms have been unused or have sat empty for months or weeks. Owners nearing retirement may be more comfortable in a one level home which offers more lifestyle advantages.
6. Location, Location, Location - It may be time to sell when deciding which school catchments you want to be in, how close you are to parks, public transport, extended family or your workplace. Being closer to key facilities can benefit the whole family time and convenience wise.