Should I Stay or Should I Go?
Category Seller Advice
Making a call on whether you should sell your house is never an easy or simple one. There are numerous considerations, many of which aren’t necessarily easy to answer, but need to be given careful consideration. Chas Everitt Notebook had the following to say on the issue
For many, number one on the list is the impact a move can have on your family, particularly if you have children to consider. In this event, education and schooling play a huge role in the final decision. The importance of this issue is highlighted in recent research undertaken by a leading property web portal in South Africa who are now adjusting their property search criteria to include additional search capability around schooling needs due to the high numbers of potential online enquiries around this. Distance to schools, timing and the impact this has on relationships children have developed in their current school are all factors.
With many households today having two working partners, employment is also a biggie, and often arises when the likes of transfers or relocations are involved for one of the two. Investigation of employment opportunities for the other partner are critical. Leaping head first into a move only to find out that you will now need to be managing off of one salary can be a disaster!
One of the main points will always be affordability. It’s a fact that property prices have dropped around the country, no different to other parts of the world, and making sure that you have a good idea of what you will achieve on your sale is critical. Many folks today are in the unpleasant position of owing more on their home than what they can achieve on sale, and in this case unless financial pressure has a role to play, its better to hang in there. Transfer costs in South Africa are also high by international standards and you need to factor in all of the costs associated with a sale, a re-buy and relocation. A valid point is that its probably a good time to trade up – what you lose on the swings you may well gain on the roundabouts – losing 15% on the sale of your home can be made up for by some degree by picking up the same or a larger discount on the more expensive property you buy.
On moves with more distance involved, relationships and family can also be a big influencer. Moving away from family and the support family offers can be traumatic – ask any of the folks who have moved to distant shores how much harder it is to cope without the additional help from the likes of Granny and Granddad and they will place this point high on their list. Obviously if you are moving closer to familial support, this can be a strong motivator.
Security in this country also features high on the “should I sell” conundrum. If you are currently living in the likes of a secure estate or complex, and have to consider moving out of this comfort zone, it’s another factor. Again the counter argument is that many times the reverse applies, i.e. moves are made into more security conscious or “safer” areas, and can be a driving force in the decision.
Its certainly not simple! Moves involve change and change is rarely without pain or discomfort. Take stock of all the issues involved, ensure you have non-emotively weighed up all the pro’s and cons and assess carefully, before making the move.
Issued by Chas Everitt Gauteng
Author: Barry Davies