It doesn’t matter if you are a professional renovator or a young couple about to purchase their first home, buying or selling a property is a big deal. Aside from the financial investment, generally people are emotionally attached to their properties. Whether you are in the market for a new house or feeling ready to sell off an investment property, it is all about timing. So how do you know when the time is right? Read on for some ideas on how to spot the opportune moment!
1. The market is favorable
If you are already planning on buying or selling and there are no urgent factors affecting your decision, be sure to do your research. While this may seem obvious, a favorable market can be more difficult to take advantage of than you expect. There are many factors to consider: do you have to sell your existing property and look to purchase at the same time; is location a key contributor to market forces; and are you buying and/or selling in suburbs that take advantage of these forces? Do you understand the current market in depth and how it will affect your position?
Of course, a reliable real estate agent can help with these questions. After all, it is their job to be across all factors affecting the housing market. The right agent will be able to not only seize the correct moment to push your sale or purchase, but they will be able to manage the entire documentation process quickly using specialized software from companies like GlobalX Legal Solutions (who provide user-friendly software to take care of everything from property searches to PPSR— click here if you want to learn more). If your agent hasn’t dragged their feet through the contract process thanks to up-to-date software and knowledge, you will be able to take advantage of a favorable market even if any issues with the property are discovered during the inspection process.
2. Your family situation has changed
Not sure where you will set up the crib for baby number four in your two-bedroom unit? About to embark on an around-the-world journey now that the last chick has left your nest? If your family situation is shifting, it could be a sign that it is time to buy or sell. If you would just like an extra room for guests and you don’t need to make an urgent sale, then you can probably sit tight until the market conditions will work for you.
3. You know of future developments in the area
You might have heard on the grapevine that a new mega-complex is destined to be built in the empty lots surrounding your block. If you can feel the value of your house plummeting now, just wait until construction starts. Whether it’s a major development that will detract from the appeal of your property, or something like a hub for public transport nearby which could see prices rise in the future, take advantage of early knowledge and get out while you can (or get in with a bargain!).
4. Your living needs have changed
Do you need assisted living or extra facilities due to illness or injury? Or has an overwhelming mortgage convinced you of the merits of renting with friends? Life is always changing, and some of these shifts can mean it’s time for you to buy or sell a property. Don’t waste months mulling over the pros or cons in such situations: if your needs have genuinely changed, it is often best to make your move. Time is money, as they say.
Support is crucial when it comes making decisions about purchasing or selling a property, generally the biggest financial investment you will ever make. Keep your head screwed on and be aware of your options. Have you recently bought or sold a property? How did you know the time was right? Let us know in the comments section below.