Downsizing our home is something that we all need to tackle head on during different stages of our life, BUT I like to look at this as a positive change, exciting new chapter and life revamp!! So much so, that I wrote the following article for WFO Magazine.
How wonderful to move to a smaller house with less housework, less empty rooms and garden maintenance perhaps? How about more cash in your bank account??
For many reasons we are seeing an emergence of buyers that are downsizing for various reasons and not just something that is done by empty nesters!! Some scenarios include mortgage reduction, sea change, city change, retirement or maybe health – whatever the reason, forward planning and often engaging professionals to assist with this process, could be the best approach.
Don’t Rush In
When a move is imminent it’s time for some tough decisions to be made.
You need to understand your current and future needs and determine the time frame around these decisions. As Benjamin Franklin famously quoted “By failing to prepare, you are preparing to fail.”
Begin by working out exactly what you are trying to achieve. Visualise this new life ahead and understand your why factor and determine your new purpose. Potentially your new environment will be considerably different, so you need to consider the emotional, physical and practical elements of your decision. Where is this property located? What does the home look like? Do you want to have seclusion and tranquillity or perhaps you want to walk the dog to the local café? Have your ideal in your mind so you have something to strive for and will keep you on task.
Don’t Go It Alone
You may start to feel overwhelmed with the task at hand. The mere thought of having to sell your home, declutter and sell furniture and then search for a new home is all to encompassing, but spin these thoughts and think how liberating!!! If you can’t do it all, then reach out to professionals like real estate agents, stylists, financial advisers and buyers advocates to help. These people are often well connected and can refer or guide you to the right people to support you throughout this journey.
Maximise Your Sale Price
Placing your home on the market can be a very expensive exercise, so its again important to not cut corners and do your homework. Understand what your financial implications could be. Can you afford to buy before selling or do you need to sell before buying? What are the settlement periods you will need to factor into your sale and purchase? What is your home worth based on current market conditions? How much can you afford to spend to purchase a new home? At Joanna Boyd Buyers Advocate we offer our clients a Vendor Advocacy service whereby we provide non-biased support to sellers in selecting the BEST Real Estate Agent to market our clients home to ensure that they maximise their sale price.
Buying A New Home
When searching for your new home, don’t compare where you have come from. Remember that you are downsizing, this is something new, different and refreshing. For a typical home buyer, the process of buying the right property can be a very lengthy and drawn-out. It can be overwhelming with all the factors that need to be considered when making such a hefty investment. It might be worth engaging the services of an independent Buyers Advocate to help you navigate through this process of property ownership. A Buyers Advocate can help you create your personalised buyers brief to ensure that you are staying on track to achieving these new dreams and aspirations often found within your home.
At Joanna Boyd Buyer’s Advocate we are experts who know both the local property market and what’s currently for sale. We make it our business to attend inspections and keep an eye on local sales – all of which leaves us perfectly placed to hunt down your dream home. Once you’ve found where you want to be, we’ll walk you through the process – from negotiating on your behalf to helping you with finance and nailing down the contract, we take the pain out of buying property allowing you to focus on all the new things that lie ahead.
Brisbane Buyers Agent | REIQ Fellow | 🏆 WINNER of the Australian Women’s Small Business Champion Awards