So, you’ve been thinking about it for a while and can’t decide whether you should sell your property or not. Don’t worry, indecisiveness is common when dealing with a decision as huge as a property sale. Whilst considering your motivations, take a look at this list of the top 5 reasons that people are selling their properties:
1) Financial reasons
Finances are one of the biggest – and saddest – motivations when it comes to selling a property, but they’re also the most important ones. Financial issues regarding property ownership are best addressed quickly, to prevent falling too deep into the cycle of debt.
You might have fallen ill and been unable to work as a result, separated from your partner who was contributing to mortgage payments, or simply over-committed without realising the impact. Being forced into a property sale is heartbreaking, as there’s no doubt that you’ve worked hard to get where you are.
Financial motivations for selling, however, can also be extremely positive. By selling your property, you can reap the benefits of years of market growth and often cut a profit from the sale price you bought the property at. By taking advantage of this, you can move one step closer to your dream home on the property ladder.
2) Running out of room
Whether it’s too many kids or too many possessions, outgrowing a property is a key motivation for selling. Regardless of whether you’re short on space or don’t want to over-capitalise on a smaller property, it could well be time to move on to something bigger.
It could be the opposite. If your kids have moved on and left home, your property may have outgrown your needs, meaning it’s time to downsize.
3) A strong market
A strong market can be a great time to downsize or buy a property of a lower value to your current home. Strong markets can also benefit sellers who have unappealing features about their property, such as it neighbouring a main road or having train tracks behind the back garden. Less properties on the market means that buyers will be less picky and might choose to overlook these features.
4) You’re in need of a change
Perhaps you bought the home thinking that you could make it work, but have subsequently discovered that you can’t.
Maybe you’ve moved jobs and the area is no longer a convenient commute for you, or maybe it’s the neighbourhood itself that’s changing and you’re not pleased with the outlook. Regardless of their motivations, change is a top motivator that drives people to sell their homes.
5) You’re at the right stage in your life
Deciding when to buy or sell a property is very personal and depends on a lot of lifestyle factors. Ultimately, while there may be optimal times to buy or sell a property when looking at the market, it all comes down to family and what’s right for you at that moment.
When you assess your options and motivations and are still interested in moving, it’s probably a good time to do so.