‘Right-Sizing’.... It’s A Rebrand!!!
You’ve all heard the term ‘downsizing’, and you’ve likely also heard of ‘upsizing’.. A client recently referred to both processes as ‘Right Sizing’ .. and it was a light bulb moment for us! Whether you’re busting at the seams of your current abode, or rolling around a big ol’ mansion using 2 of the 10 rooms.. It’s a daunting task to buy and sell property in the same period and can often seem like a mountain too big to climb.
Here’s a few key points we talk through with our clients before embarking on the journey of right sizing their home….
Should I buy first or sell first?
This is a common dilemma many homeowners face when contemplating a move. The decision largely depends on your individual circumstances and risk tolerance. Buying first allows you to secure your new home without the pressure of time constraints, ensuring you find the perfect property. However, it also means carrying two mortgages simultaneously until you sell your current home, which can strain your finances. On the other hand, selling first provides financial certainty but might leave you scrambling to find a new place to live. To make the best decision, consider factors like your financial stability, local market conditions, and your ability to secure temporary housing if needed.
Should I sell or hold the property I’m in?
Deciding whether to sell or hold onto your current property depends on various factors such as your financial goals and long-term plans. If you're looking to upgrade or downsize, selling might be the best option to free up equity for your next purchase. However, if you're considering renting out your property, ensure you're prepared for the responsibilities of being a landlord and that the rental income covers your expenses. The responsibilities of being a landlord are becoming more and more arduous with compliance regulations, rules favouring tenants and we dont see it easing any time soon. It's essential to weigh the pros and cons carefully and consult with people like your accountant or financial planner. Having an investment property in Victoria, is not the ‘sit back and relax’ strategy it once was.
Should I sell off market?
Selling off-market can be advantageous in certain situations, offering privacy, convenience, and potentially faster transactions. Off-market sales are conducted discreetly, without public marketing, which can be appealing if you prefer to avoid the hassle of open houses and extensive advertising. Selling off market doesn’t always get you the maximum price for your property (that’s why we love to buy off market!), but for some, the money lost not going to auction, is outweighed by not having to prepare the property for sale which can often equate to tens of thousands of dollars, not to mention the stress and time. The answer to this question is also very much dependent on the type of property and area.
Can I line up the settlements?
We can aim for this, but it’s not guaranteed.. That’s why we tell clients to have a backup plan if settlements don’t align. Even if you are able to book them for the same day, you may experience delays on the day which could incur fees from the onflow effect including movers waiting to get access! Aligning settlements needs careful planning.
Should I use the same lawyers on both sides?
Yes, definitely. We recommend you have the same legal rep, representing you on the sale of the property and your next purchase. It streamlines things especially when it comes to settlement day! A solicitor is a good idea as well.
Should I use Prop Culture to help with buying and selling?
We are so glad you asked! Having an independent consultant guiding you through the process from both sides of the fence is a game changer. We take (most of) the stress and the pressure out of the process and ensure your best interests are taken care of on both the sale of your property and the purchase of the next.
So if you’re facing the dilemma of right sizing at the moment… you know who to call.
Prop Culture!