Selling your family home and downsizing can be an effective means of freeing up capital or reducing your mortgage payments, eliminating time spent on cleaning and maintenance and often reducing significantly large utility bills. If your grown-up children have left home, now may be the time to consider downsizing.
Maximising the sale price of your family home can increase your options for your next property purchase and/or saving for the future.
In this article I outline three key factors to help you realise the highest possible sale price for your family home.
There’s no doubt that the experience of selling property can be both exciting and terrifying – a rollercoaster ride of emotions and stress. But what if you partnered with a vendor advocate who guided you every step of the way at no additional cost over the standard selling commission? I urge you to give due consideration to the benefits of partnering with a vendor advocate:
#1 Engage a professional who understands the market
Selling successfully will depend on a good understanding of the current property market in the area where your family home is located. A vendor advocate can give you clarity on the current property market and the target demographic relevant to your property. This professional insight will not only help you decide the best time of year to sell, but also provide guidance on your ideal buyer. The right vendor advocate can provide a deep understanding of what ideal buyers are looking for, and ultimately what features they will pay more for. Your vendor advocate supports you throughout the sale process to relieve unnecessary anxieties, stress and complications.
#2 Seek professional advice about preparing your home for sale
The condition and presentation of your home are major factors in achieving the maximum sale price for your home. A vendor advocate has the experience to recommend and coordinate appropriate improvements and styling recommendations that can increase your chances of securing a higher sale price, while avoiding over-capitalisation.
#3 Choose the best method of sale
Your property is unique and choosing the best sale method – private treaty, auction or tender – can make a significant difference to the final price outcome. Property method of sale decisions are complex and can be costly, and your decision may impact your financial outcome, stress levels and peace of mind at a very important stage of life. A vendor advocate will provide an accurate appraisal of your property and area, and provide evidence and answers to enable you to make confident decisions about the sale method.
Your next step…
For many, downsizing conjures up the image of moving into a smaller dwelling in a favourite area that is well-suited to your pre-retirement and retirement lifestyle of choice. To translate this image into reality, due consideration and thoughtful planning are required at both the selling and buying stages of the downsizing process.
To discuss how I can help you develop a downsizing strategy for achieving optimal outcomes from selling your family home, please contact me on 61 (0)7 3007 2000 or by emailing firstname.lastname@example.org
In case you missed it, here’s an article where I highlight FIVE factors to improve your purchasing power when downsizing.
Resources Unearthed is a solutions hub that provides integrated financial, legal, property and accounting & business advisory services for executives, professionals and business owners in mining & resources.
Scott McGeever is a registered valuer in QLD and NSW and a Licensed Real Estate Agent in QLD & NSW. PS Property Advisory is a member of the Australian Property Institute, Real Estate Buyers Agents Association (REBAA) and Real Estate Institute of Queensland.