The good thing about property sales is there’s never a shortage on the market. Certain seasons are slower than others, but reasons for homeowners wanting to sell do not depend on whether the roses are in bloom. So why do people sell their homes? Mostly, it’s due to a shift in personal circumstances. Here’s a list of the top ten reasons property sales happen.
1. Property upgrade
One of the main reasons people look for a new home is because they’re ready for something better. Perhaps they purchased their current property at a time when finances were tight and careers were still fledging, and after years of persistence and perseverance, they’re finally ready to move up in the property market. Whatever the specific details, many homeowners are merely relocating because they’re finally in a position to buy that house with a view.
2. Property upsize
When you start expanding your family it’s amazing how quickly a cosy two or three-bedroom house can suddenly become a tiny (and noisy) shoebox. The addition of kids into the home is a popular reason for many people to sell up and move into something more accommodating to their needs.
3. Empty nest
Conversely, just as some people need more space, there are some homeowners who require the opposite. When adult children move out to begin their own lives, many people find the extra rooms an unnecessary hassle. Now that the kids are gone, maybe they can finally move into their dream home with a waterfront view.
4. Change in job
Changes in career are a major reason behind many property sales. Whether it be for a new job, to reduce commute times, or a transfer in their current position, many people sell their homes to better suit their work needs and schedules.
5. Change in relationship
Marriage and divorce are among the top reasons for buying/selling a property. A couple who wish to move in together may mean one of them has to sell their home first; and on the other hand, a marriage that is ending often requires the sale of the home to either split the profit or, at least, detach from old memories.
6. Change in neighbourhood
Over time, neighbourhoods experience changes in dynamics depending on the people who reside there. A particular area may have been quiet and safe when you first moved in, however things can change with the coming and going of new neighbours. Whether you want to escape noisy neighbours or a rise in local crime, you may decide to relocate to another area in town.
7. Proximity to family
Your proximity to family can determine how long you stay in your home. Depending on your circumstance, you may wish to be closer (or further away) from family, which for many, is a good enough reason to sell up.
8. Renovation for profit
Home renovation programs are hugely popular these days, and by the looks of things, it’s not about to lose momentum any time soon. Depending on the type of property, huge profits can be made on buying a house as a renovation project, then listing it afterwards for a much higher amount. ‘Fixer-uppers’ will always be circulating on the market and there will always be someone there to capitalise on it.
9. Death in the family
Sadly, not all reasons for property sales have happy endings. If there has been a death in the family, some homeowners may wish to move somewhere where they’re not haunted by old memories, or so they can be closer to other family members who will help them through the grieving process.
10. Lifestyle change
Because why not? Life’s too short to settle for mediocre. Many people decide to sell in order to pursue other interests, travel, free-up their cash flow, or just minimise responsibility. For these people, owning a home is no longer ‘living the dream’, so they turn it into their ticket for chasing new ones.
There are plenty of valid reasons why people take the plunge and let go of their permanent residence. Life experiences are different for everyone and only you can know for sure whether or not it’s the right time to sell your home.