Signs it could be time to sell your property

The last few years seem have seen the market falling and many cautious homeowners have seemingly been put off selling their properties, waiting until the market picks up again so they can secure a higher sale price.

But waiting for the market may not always be the best option. If your property is a little run down and needs work, then keeping it in the condition it’s in and waiting to sell could do more harm than good, especially in a developing, up and coming suburb.

Is it worth waiting?

If your home’s getting too difficult to maintain, or is seemingly too expensive to renovate, it might be time to consider selling sooner, rather than later.

RPData reports have been showing modest gains in most capital cities, so the worst, it seems, is behind us. There are some gains to be had as prices recover and there are certainly still some bargains to be had for those looking to buy away from CBD across the nation.

Aside from financial gains and avoided losses, there are personal perspectives which come into play when you’re looking to sell which can be key to your decision; to quote US blogger and realtor Rodney Camren, these are “your living needs; the condition of the home; your neighbourhood; and your community.”

Although speaking about the American property market, Mr Camren has some good points.

Your living needs

This  is about assessing whether the home is fit for purpose.

You may want a bigger space now the kids have come along or perhaps even downsize if they have moved out and you’re heading into your retirement years. It is also possible you need to consider a granny flat for an older parent, or now have a dog and need a yard. In some sadder instances a family breakup might necessitate the need to downsize.

“We thought our home was absolutely fine when we moved in with little kids,” says Peta Jones from the North Western Sydney, NSW.

“We were careful to plan for a rumpus room and their own rooms. But now they have hobbies, and we have a full sized piano taking up half the rumpus room; their wardrobes are overflowing and there’s only one toilet and bathroom in the house resulting in a queue at peak times.”

Conversely Pamela Matheson from Mudgee, NSW is finding her space more difficult to manage, “We still love the open space and have room for our animals, but as we approach our seventies, maintaining 75 acres is becoming more of a chore than a pleasure.”

Condition of the home

Pamela goes on to say, “There was a time we thought nothing of carrying out maintenance ourselves, but now we have retired and income is limited, and physically it has become more cumbersome to make repairs and keep it up to date”.

Your neighbourhood

This is an important factor, both in terms of its curb appeal and appearance, but also in terms of the demographic of people and the atmosphere. It could be that neighbouring houses are being bought up by younger families and you are an empty nester looking for a different pace of life, (or vice versa), or there is an increase in high density housing, taking away from the community feel.

Are neighbouring houses are being bought up by younger families, while you’re an empty nester?

Perhaps people no longer care for their gardens and it’s looking a bit rundown and ramshackle. In many cases one or two people in a community can completely change the atmosphere.

Community

Community is an extremely important factor.

It’s important your local community offers what you need for your life, whether that is job opportunities, schools for the kids, aged care facilities, doctors and healthcare and general infrastructure.

Fiona Digges from the Hawkesbury region says: “When we first bought our home we found great pre-schools and primary schools but as the children get older, we are panicking about the lack of decent public high schools and the sheer distance from any private schools.

Coupled with that, there’s a tonne of development going on and no provision to upgrade infrastructure like roads or public transport. We are seriously looking at moving away from the area now.”

In many cases, the decision to stay or go can be based on the factors which can’t be changed, in many cases they can be changed but emotions can get in the way, but either way, if  you find you are struggling with any of these areas, it might be time to consider selling up and moving on.

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