When Not To Sell Your House
The first question I ask a potential seller when going to appraise their property is… “Why are you thinking of selling?” There’s always a number of common answers including Death, Divorce, Debt, Doubt, Dissatisfaction or possibly an upcoming ‘Delivery’.
Now in a lot of those cases the decision to sell is a ‘knee jerk’ reaction to whatever is happening at the time and proper consideration has not been given to other alternatives.There should be several factors at least to influence your decision. I, on the other hand, like to explore those other alternatives before moving on to selling methods because, when it comes to property – I’m a keeper. I don’t sell (well just once I had to, but then again I didn’t really have to).
People who jump in and out of property tear up a lot of money along the way and most people who are wanting to buy a new home just assume they have to sell the old one. Not necessarily so. For instance, take the young single guy who buys his bachelor pad, then meets a girl, gets married, plans a family and starts looking for a bigger home. They go to sell the bachelor pad, to help buy the new home then 2 or 3 years later come back to me looking for an investment property and I say to them “But you had one!” Now you have to pay stamp duty all over again and probably buy the same thing at a higher price (though not at the moment).
The moral of the story is make sure you have a very good reason to sell, because property is about the only asset you can buy and get a total stranger to pay it off for you.