5 smart reasons to sell now
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- 5 smart resaons to sell now.
Get the most out of your property.
Investing in property is a great way to get ahead in life. The money you used to spend indulging in big nights on the town or on a pair of luxurious shoes can now be chucked into a mortgage, or even better, you can get a tenant to pay it off for you.
Related: Comparing and applying for an investment property loan
Your investment is then returned to you when you sell the property, but the key is to sell at the right time to maximise your gains. Watch out for these signs to be certain you sell at the right time.
High demand
While it is easy to generalise speculations surrounding the housing market, it is wise to understand conditions as they specifically relate to you. Whilst the real estate market is cooling off in some areas, it is heating up in others. The median house price in Sydney, for example, reached $929,000 at the end of March after jumping 16.8 per cent over the year.
If you feel you have a property that is in a high demand area then it could be a good time to sell.
Your property is underperforming
Set realistic expectations for your property, whether you measure this by rental returns or yearly market valuation is up to you. Measure your property’s performance and be sure to get out as soon as you see a nasty downward trend developing - knowing in advance the fluctuations of the specific area you are buying is vital.
Rent is stagnating
This is the most straightforward indicator that it may be time to put your property on the market. If you believe it is just a short-term fluctuation and you think you can ride it out by all means do, but if you see a long-term trend setting in get it’s best to get out while you can.
Maintenance issues
One of the most overlooked aspects of property ownership is maintenance. On top of your mortgage, rates, and insurances, you also have to keep on top of property maintenance. If you have made a poor decision regarding your property, and find that you simply cannot find the time or money to keep it in top shape while balancing the scales of economy in your favour, it is time to consider selling.
The time is now
Know the area you have bought into and be smart about when you sell. Do not try to sell a house in Hobart in the middle of winter, or put your Darwin home up for sale in the middle of summer. The shoulder-seasons of late spring and early autumn have proven to be the best for moving houses quickly. Combine with this knowledge the nuances of when your particular area is at its finest and aim to sell at this time.
The key to being successful in the property market is longevity – if you do not have to sell then don’t. But if you feel you need to get out, be sure to do it when the timing is right.
Are you thinking of selling your property now?
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