We've been living in our house for over three years. We built it in a new estate and the area is booming. I have just seen a house for sale the same size as ours, with less character. It has an enormous backyard that has grass and concrete in it. Our place is finished. We have a beautiful tiny backyard with pergola and fence height plants, built in bbq, outdoor coonara and has garden front and back with a vegie garden in the sideway/ hidden side of the house. The house nearby is for sale for over $400,000. We built this place, with house and land, costing us just over $270,00.
I guess what I'm asking is to those of you who have sold, what made you finally do it? Our plan is to build again, we know the house we want but it will take almost a year to construct. So we'd have to sell and uproot us and our two dogs for an indefinate amount of time. But when is the right time? Oh boy.
We sold when we decided to invest in our DDs education and when we were on the eve of TTC more children (I wanted to be a SAHM). That was 7 years ago. We had our townhouses for 3 years and made quite a bit. We put the money in shares (and didn't sell during the GFC) and have made quite a bit there too.... but it's so much more liquid than a house. DH and I have realised that we need to move interstate now so may buy again closer to family (in the country) where homes are cheaper anyhow (and so are school fees!). We sold for mobility and to invest in other priorites. No regrets. I can't advise what you should do. Maybe draw up a Pros and Cons list.
I think a lot depends on the prop market...and if your going to come out of it with ANY kind of profit, its always a good time. Although in saying that, in 2yrs there could be a massive housing boom, and for example, say you may make $130k profit today on your home....you may make $170k in 2yrs time.........but looking at it like that....and looking at any lifes decisions like that, will have you making no decisions. Do some sums, have a Real estate agent wander thru your home...see what the numbers say....then maybe make your decision.
FWIW, 2 family friends have recently done what your doing - sold up, made some money, uprooted their family, lived with other family members for months and months, and finally got into their new home.....It was prob a year they would rather forget...but if you ask them...it was all worth it...
GL...
It really depends on what your long term plan is. If you just want to upgrade your home, then do it - no time like the present. Don't forget the new property will rise in value too.
Although alot of people get a valuation and think woo hooo, time to sell and don't crunch actual numbers (selling costs, stamp duty, bank costs etc).
I won't be ever selling this place, I'll use it in a different way, but still make money.
Bath had a different plan etc etc. You gotta have a plan.
Thanks ladies. Something to think about. The house we want is the house we plan to live in forever. It's big enough for kids, but not so big that we'll be rattling around in it when there is two of us again, in like 100 years. The house we're in now was the house we knew would get us into the property market. We got what we could afford, but didn't borrow as much as the bank said we could. The big con against moving right now is that we've just finished the house really, and haven't had much of a chance to sit back and enjoy it. And we're really proud of the job we've done. We're going to talk to a broker soon about refinancing anyway so will see what he says too.
I also meant to say... but you probably already know.... never trust the figure the Real Estate Agent first gives you. They inflate it to get you to put the house on the market. After a few open for Inspections they always start to bring the figure down... has happened to us twice. Best way to know what your house is worth is to do your own research. It also sometimes pays to give the agent an incentive to get over a certain figure rather than to just agree to a set percentage no matter what.
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