How to know when to sell your property
Selling a home can be an opportunity to improve your lifestyle and start fresh.
Image: iStock
Choosing to sell your home is a big decision, so it is important to know that you are ready to move on.
In today’s competitive real estate market, listing a property can be a daunting task within these challenging economic conditions.
However, selling a home can also be an opportunity to improve your lifestyle and start fresh.
Regional director and CEO of RE/MAX of Southern Africa Adrian Goslett said there were five reasons a homeowner should consider placing their home on the market; the first being that the family has outgrown the space.
“If the home no longer meets the family’s needs due to changing circumstances, such as another baby on the way or perhaps an ageing parent moving in, then it’s usually time to find a bigger home,” said Goslett.
“Another good reason to sell is if the home has become too much to maintain, either for financial reasons, health issues, or lifestyle changes.”
Goslett said not everyone’s lifestyle was conducive to owning a home that requires regular upkeep.
“If a busy schedule keeps you from regularly maintaining the property, it might be better to sell it and purchase a lock-up-and-go unit that requires little to no maintenance. If the grass is knee-high and the swimming pool matches the colour of the lawn, perhaps it’s time for a change, he suggests.
“One of the most popular reasons for selling right now is due to a change in living requirements. Lockdown has changed the way people work and live and has caused many to reconsider their current lifestyle choices.
“Whether a homeowner has made the decision to continue home schooling his or her children or has decided to work from home long term, a life-altering change such as these could be caused to consider moving on.
“While the home may have been perfect when you bought it, things change, and your needs develop. If the home no longer meets your current criteria, it is probably time to find another one that makes more sense to your current lifestyle,” said Goslett.
The last two reasons are for the homeowner who is most concerned with maximising financial returns. A good reason to sell would then be that the neighbourhood is booming.
“Within the larger macro property market are smaller micro-markets that occasionally buck trends.
“Certain areas might be experiencing a boom in the market due to external factors such as an upgrade in infrastructure or the building of a new amenity.
“If homes in your area are selling above their listing price, then it might be an excellent time to take advantage of the situation and sell your home,” Goslett explains.
The final reason for a homeowner to know that he or she is ready to sell is a simple home equity calculation.
“The goal is to walk away with a profit, which means that a homeowner will need to sell for enough to cover what’s left of their home loan as well as the various costs involved in selling a home, including registration costs, an agent’s commission, the rates clearance certificate fees, home inspection costs and other related fees.
“In some cases, homeowners may need to wait a few years until they have paid off more of their debt or house prices have grown enough for them to clear a profit,” he said.
“Although deciding to sell a property can be stressful, it can also provide you with the opportunity to find another home that is more suited to your current needs and life stage.”
Goslett added that using an experienced real estate professional from a reputable brand can help homeowners decide if now is a good time for them to sell their home. They will also expedite the process and ensure a quick and seamless sale.
This article first appeared on Benoni City Times and has been republished with permission.
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