Perhaps the hardest part of selling is the first step – deciding to sell.
It’s met by the common uncertainty of, ‘Should we wait until prices are higher?’… ‘How much is this going to cost?’ and ‘What if we’re making a mistake and don’t get the best price?’
The truth is, there’s an overwhelming sum of factors weighing on the decision; whether it’s for the need to upgrade your space, change schools, move for work or have a change of pace.
Or, perhaps the decision isn’t ideal and conjures feelings of stress and concern, rather than excitement. In every case, only you can know the right time to move… so grab a pen and paper, because we’ve created a 6-STEP QUIZ to help you answer the thorny question: Should I stay or should I go?
QUESTION 1: How happy are you with your current home?
Size, living areas, outlook, amenities, location, noise, neighbours… let’s face it, there’s HEAPS to consider. So list three things that make you HAPPY about your present home, followed by three things that make you UNHAPPY about it. This exercise will help nut out your feelings and determine your score below.
Q1 Score: Rate out of 10 HOW SATISFIED YOU ARE WITH YOUR PRESENT HOME.
Completely satisfied < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Extremely dissatisfied.
QUESTION 2: TO MOVE, WHAT WOULD YOU BUY AND WHERE WOULD YOU GO?
Here we’re going to try and picture what your ideal home and location looks like. Would you stay local or move away? What extra facilities would it have? What advantages are there of moving? To help, list the THREE top suburbs you’d be happiest to live in. Next, list your TEN top features or criteria for the property – whether that be a big kitchen, three bedrooms, a good backyard, or proximity to schools.
Q2 Score: Rate out of 10 HOW CLEAR A PICTURE YOU HAVE OF YOUR NEW HOME.
Not very sure < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Very certain.
QUESTION 3: HOW MUCH WILL YOU GET FOR YOUR CURRENT HOME?
When it comes to selling your abode, rather than doing guesswork, it pays to first speak to an agent experienced in your local area (hey, there’s us!). They can give you a clear indication of what you may receive for your home, so that you can plan financially for this. If you already have this information, try our calculator below to work out what you’ll retain from the sale.
Expected sale price of your property? ______
MINUS the current balance of any mortgage? ______
MINUS the costs of selling (agent fees and legal costs) ______
EQUALS net proceeds of sale. ______
Q3 Score: Rate out of 10 HOW HAPPY YOU ARE WITH WHAT YOU WOULD RETAIN FROM THE SALE OF YOUR PROPERTY ABOVE.
Dissatisfied < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Completely satisfied.
QUESTION 4: CAN YOU BORROW WHAT YOU NEED TO BUY ANOTHER HOME?
Now that you know how much you might retain from a potential sale, you can think about what you’d need from a bank or lender to purchase that dream home. If you’re already at the stage of looking for a reputable local mortgage broker, be sure to call us at Prudential Real Estate! Once you know what you can borrow, the next step is to put it together with your current finances to find out your top budget for a home – complete the calculator below to see!
Net proceeds of your property sale? ______
MINUS the costs of buying (legal costs, stamp duty etc)? ______
PLUS the value of a new mortgage ______
EQUALS max. Value of new home purchase ______
Q4 Score: Rate out of 10 HOW SATISFIED YOU ARE TO SPEND THE MONEY SHOWN ABOVE ON YOUR NEW PROPERTY.
Dissatisfied < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Completely satisfied.
QUESTION 5: HAVE YOU CONSIDERED ALL THE COSTS INVOLVED WITH MOVING HOME?
Don’t despair; the cost of moving may sound extreme, but it’s only a shock if you don’t know what to expect or aren’t prepared! We’ve got a full article on all the costs to be aware of when selling up – bank fees, stamp duties, removalists, etc – so be sure to check it out here. Once you’re confident of all the costs involved in the quest to move to your new home, the question of course remains: Are you still willing to move?
Q5 Score: Rate out of 10 HOW WILLING ARE YOU TO MOVE FROM YOUR PRESENT HOME.
Unsure/it might cost too much. < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Very willing.
QUESTION 6: HAVE YOU CONSIDERED THE INCONVENIENCE?
It’s not uncommon for the length of time to secure a buyer for a property to be longer than initially expected. Fortunately for most sellers who correctly price and promote their home, this isn’t the case – it can be sold quickly and for a great profit. But for some property sellers, it can take 4-6 weeks before a buyer emerges, all the while having to keep the home clean for the possibility of an inspection. So, it’s vital to consider how listing your home for sale may impact your immediate family life, work commitments or other circumstances. Of course, the short-term stress of having your property listed is ALWAYS worth the long-term pleasure that you’ll enjoy from a new home!
Q6 Score: Rate out of 10 HOW PREPARED YOU ARE FOR THE INCONVENIENCE.
Not yet ready < 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8 – 9 – 10 > Completely prepared.
So here we are, you’ve considered all aspects of moving and are now armed to make the best decision! Simply add your scores from the 6 Quiz Steps above to get your cumulative score out of 60 and find your results below.
50 – 60: You are ready to take the plunge! Call your preferred real estate agent today for advice or assistance to get started – good luck!
40 – 50: You are probably ready right now but may be unwilling to admit it… perhaps you just need a little encouragement or a professional opinion on your property and circumstances. Contact your preferred real estate agent to discuss your thoughts with them – you might be surprised.
30 – 40: You are almost ready to move – perhaps you need a little more time to consider your options or a few more facts to support your decision. But once you’ve spent time or found what you need, be prepared to want to move!
Less than 30: You are not quite ready yet. There may be several things holding you back at the moment, but whatever you do, don’t rush listing your property for sale until you are 100% willing and able to move.
Get your property listed and sold in no time! Speak to our sales team at Prudential today – contact us on (02) 4628 0033 or via campbelltown@prudential.com.au.
