Have the kids flown the nest or are you looking for a little bit less to clean and maintain?
Before you throw the sale sign out the front, here is 5 things to think about when downsizing in North Brisbane.
Independent Real Estate Agent, Steve Gott, highlights how to prepare yourself for the sale of your family home and what you need to consider when downsizing.
Don’t forget, planning is the key to a successful downsize, so read this blogs to make sure you’re ready.
1. Are you mentally prepared?
Downsizing can be a tricky time, especially if you have lived in your home for many years and your family has grown up there.
While this may seem like the last step, the most common snag we see is sellers who aren’t ready to accept an offer on their home.
When you hit the market, if your head is not in the right place, refusing an offer, especially the first one, could cost you thousands of dollars.
The highest sale price is usually obtained in the first 21 days on the market. More than likely the first 5 days will attract a lot of buyer interest and an offer will be made.
Many sellers knock back this offer, especially if they have had the home for many years. They are gripped by their emotion, and aren’t ready to let go.
The Golden Rule to selling your home: If you get an offer in the first few days close to your asking price, take it, lightning doesn’t strike twice in the same spot.
2. Are your belongings in order?
Over the years you will have built up a collection of items. Most of our collectables are of no value to anyone except ourselves. Parting with these prized possessions is a difficult task but must be done for a successful downsize to take place.
Firstly gather collectables that you think you can part with and place them in a spare bedroom or garage. Decide what to do with each item, and ask family or friends for help. Here are some suggestions:
- Give away items to family or friends (let them select what they’d actually like)
- Clean up the items that you could sell, and work out a price. These can be listed on Facebook Marketplace, Gumtree or Ebay. Keep in mind, some items could take a while to sell.
- Unwanted items – or items you’ve had no luck selling, take to the op shop – some charities even offer a pick-up service for larger items and furniture.
3. Have you done your research?
Before you plunge head first into downsizing, work out what you want to do with the funds you have and the lifestyle you are looking for and thoroughly research these options.
Decide on the housing you want to live in and the type of downsizing you are considering:
- Tree or Seachange.
- Downsizing to a unit or townhouse.
- Retirement village.
- To be nearer to family in another city or country.
Selling your home and buying into a complex or new home is an expensive exercise, so make sure you consider selling costs; the cost of relocation; purchase costs and body corporate, ongoing service costs or exit fees.
4. Is your home prepared for sale?
When you see something every day, it can be hard to notice the imperfections. But buyers – or their building and pest inspector – will go over things with a fine-toothed comb.
Have a building and pest inspector carry out a review of your home so that they’ll find any potential issues that will worry a buyer. For the cost of doing this you will be forewarned of potential issues that could arise when a buyer does one.
Some of the most common things we suggest checking are:
- General repairs including guttering and internal and external painting. If your paint work looks faded and cracking, it will cost you money in the sale.
- Check for roof repairs – cracked tiles or issues with tin.
- Make sure there are no cracked shower screens or leaking taps in the bathroom.
- Ensure all smoke alarms are in working order with current batteries or are brand new alarms.
- Cracked brick works from dry weather and concrete cancer in the footings. This can be a big issue. If you have major cracking in your brickwork seek the advice of civil engineer. If it is a footing issue you may have to under pin. This can be a substantial cost.
- Barrier pest treatment. From time to time termites are prevalent, especially in the wet season. Make sure your barrier or perimeter treatment is up-to-date.
- Check you have council certificates for all external buildings and pergolas, decking work, patios, extensions and shed. Visit your local council and do a self-check on approvals.
5. Is your selling knowledge up to date?
If you’re thinking of downsizing, chances are it’s been a while since you’ve had to work with a real estate agent and sell a property.
Emotions will be running deep and making sure you are making educated decisions about your home is the most important component of the sale.
Follow these tips to get your head in the game:
- Check what the market is doing or what you should expect to sell your home for. Looking at other real estate listings will give you a rough idea on what sale price you should achieve. For a professional opinion on what your home is worth, request an appraisal here.
- Select the right agency for you, choose carefully and make sure to select an honest agent. Read this blog for more details.
- Make sure you’ll be attracting the right buyers with a standout promotional campaign. For more information about real estate advertising, read this blog.
- Select a real estate agent who is experienced in negotiation; will give you a CMA and selling range for your home and who will work for you to obtain the best price for you not their commission pocket. Read more here.
5 things to think about when downsizing in North Brisbane
We hope this guide will help make the transition into the next phase of your life a little easier.
Thinking of selling your home? Speak to Gott Realty today!
If you’re looking for a real estate team that is honest, respectful and always acting in your interests, speak to us today about how much your home is worth.
Our team has unprecedented access to local property data and insights, and we are here to help you sell your property for the best price possible with the least amount of stress.
Gott Realty service Albany Creek, Eatons Hill, Cashmere, Warner, Lawnton and Bray Park and many more areas across North Brisbane. Learn more here on our blog.