Is it time to downsize your home?

Have the kids officially flown the coup and you’re left in an oversized family home with far too many bathrooms to clean to make sense!?

Are you dreaming of a life where mowing the lawns doesn’t take an entire weekend and heading off on a month long vacay is simply a matter of turning the key and walking away??

Whatever your reasons are, the time inevitably comes in most people’s lives where the 5-bedroom thumper no longer makes sense and it’s time to sell the beloved family home.

Downsizing can be stressful and emotional

In the long list of different client transactions we facilitate, downsizing into a new property is by far the most stressful for people to manage alone. In a situation where emotions are so heightened, it makes sense to engage a team of professionals to hold your hand and guide you through. We all know big decisions are best made with a clear mind, not through teary eyes!

We often work downsizing clients on both transactions, meaning they usually engage us as their vendor advocate whilst selling their home as well as their buyers advocate when they purchase.

Is it best to sell first then buy or vice versa?

We are often asked if it’s best to sell first then buy or buy then sell? Like with most things in real estate, there is no hard and fast rule as there are many variables including your personal risk profile, the time of year, contingency plans, cash flow, debt, area of sale and area of purchase… just to name a few! We work with clients on a case by case basis to determine the best plan of attack for their individual circumstances.

Whichever way you go about it, the key is to be incredibly organized and control as much as you can. For example, if you sell first consider asking for a long settlement from your buyer and asking your conveyancer to arrange the paperwork for an early release of the deposit. This may give you the time and funds you need to purchase the next property; you might even be able to align settlements if you’re lucky!

Contingency, contingency, contingency

It’s a good idea to have a contingency plan in place just in case you don't find a new home to move into by the time you settle. You might consider putting your belongings in storage and going on an extended holiday and tasking a buyers advocate (us ) to find your next dream home while you relax on an island somewhere! Or perhaps you might consider sourcing a rental or serviced apartment. These options all come with their fair share of hassle and costs; moving x 2, storage, rent, bond, lease break etc. not to mention the hassle of dealing with the rental market in general.

If you decide you’d rather buy first, then sell… It’s a good idea to make sure your home is completely market ready. That means you know roughly what you’re going to get for it, you’ve done all the de-cluttering, painting inside and out, maintenance works, façade is picture perfect, gardens are immaculate and you know which agent you’re going to use. Knowing your market is also important here, you may be selling in an area where the average campaign runs for around 4 months and buyers are few and far between, so ensuring you’re financially secure for the possibility of holding multiple properties is critical.

If you’re considering downsizing and don't know where to start… get in touch for a chat, no obligation.

It’s not as scary as it seems!

Until next time,

Sam Davenport

Prop Culture