Hello to you all.
Approx. 5 years ago we built a new 200sqm home on a 550sqm block of land.
Three bedrooms, dedicated theatre room, large open entertaining area, outdoor entertaining area under the main roof, backyard with grass, garden and a shed. The house is in great condition internally and externally, but would need a paint (small children) and a little tidying up outside (few sunken pavers, etc) to freshen it up a little.My question is, is there an opportune time to sell a property such as ours?
The land isn’t large enough to subdivide in the future, so that isn’t an option for future buyers. So my take is that new buyers would be looking purely to purchase as a home. The house is the main drawcard and I was curious if there is a window of time where a property is in its ‘peak’ to sell, before it actually becomes difficult as the house needs work, etc.
Any guidance would be appreciated.
Hi Stera,
No one can really tell when would be the “right time” to sell as there really is no guideline stating that your decision of selling now is wrong and selling in 12 months time is right. This is due to the reason that no one can predict the future. You can however refer to historical data and see the trend of the area where your property is located. This can tell you if the area has gone passed its peak and is now in the correction period. Or has just passed the low point and now in an upward swing. Research the current market status of your area, check auction results, number of properties sold over a certain period etc. Doing your research will help you decide when is the “right time” for you to sell. Determining how much profit you want in return can help with your decision making as well.
PHP | Mortgage Station Pty Ltd
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Selling in a boom is obviously the best time. Heavy bidding drives the price up.
But it really depends on your situation. Will you be buying a new home? If so your buy price will also be high.
Can you buy before selling this one? If so buy before the boom then sell this one in the boom.There are buyers markets and sellers markets. Obviously if it’s a buyers market ie not many people buying, properties staying on the net for longer periods, then this is NOT a good time to sell.
Also sometimes you save money building new and other times you pay a premium. How does your 5 year old house compare (price wise) against new ones? Of course if there are new ones still being built this is a factor.
Lots of variables to consider.
Hi PHP and Catalyst,
You both raise some great points, thank you for taking the time.
I guess I was looking to see opinions on if there is a point in time that a home becomes a burden, because it requires work here and there, etc. If you have a house on a 900sqm block, then you’ll have the added benefit of potential subdivision and development, but when you don’t have the size to subdivide and the house is the key component of the land, do you sell a newish house to maximise the return.
You’re selling a nice house, in nice condition on a nice size block vs selling a house that needs some work.
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