When looking to move home, depending on your situation it can be difficult to know when is the right time to buy/sell.
As a first-time buyer it can be a more obvious decision. If it is time to leave home or leave your existing rental then it is the right time to move. Indeed first time buyers are often in a market for the shortest period of time. They quickly identify what they want, know what their budgets are (as they are not dependent on a sale) and within a couple of months have typically found are in the process of purchasing.
However, making the next step to a larger property or downsizing can present more challenges. Here are some tips as to when you will know it is the right time.
1. Think of it like changing jobs
Most people have a bit of a moan about their jobs but that doesn’t mean they are ready yet or really serious about a career change. However, there is a point in time where you make an internal decision that now is the right time for a change. Once you have made the choice in your own mind it doesn’t matter what your colleagues or employer says. In your own mind you have one proverbial ‘foot out the door’.
The same is often true with a house move. There will be a point where you know the property has done its ‘work’ for you over the previous years and that now is the right time to move. No one else can tell you it is the right time you will know yourself. You may not know where the next move is going to be to (!) but you will know you have spent your last winter in the property and will be moving over the next 6-8 months.
2. Make it your decision
Similar to above about knowing when it is the right time, it must be your decision to move.
Many times in the past we have seen family members try to push either Mum & Dad or a Son/Daughter to make a move but, if it isn’t the main individuals decision the sale will never go through. It has to be what the person moving wants. Sometimes it takes time for that thought process to come together. Wait until you are really ready for the move.
3. Remember the reasons for the move!
This is often more relevant for people downsizing. When moving from a 4 bed to a 2 bed it is tempting to say you need another room for the grandkids and another room for an office plus a garage space for storage and before you know it you have ended up describing the house you are already living in!
If you are moving to downsize you will end up with less rooms so come to terms with this quickly otherwise you will never find the right thing.
4. Don’t discount properties based on your existing furniture.
Again probably more relevant for downsizers but you are unlikely to be able to fit all the same furniture from your existing house into your next move it is a smaller property. In many cases much of the furniture will not even suit the new property. Take this opportunity to be somewhat ruthless will large older bits of furniture and stop discounting properties because the 20 seater dining room table which gets used once every 3 years won’t fit in!
5. Grasp the next move with a positive mindset.
In life we can all have excuses why not to get on with something and a house move is no different. Some examples: “We want to wait until after Brexit/after the election/after the summer holidays/until Spring/until the kids go to University etc” The last twelve months seemed to have shifted people’s thought processes on this and now buyers are coming to the realisation that they could be waiting forever as there will always be a reason to not do something!
The next move can be exciting and positive with the right mindset so try to frame this as you get going.
2021 has been a really ‘hot’ year so far for the property market and this is unlikely to see much of a change over the coming months.
So, if you think it may be the right time for you to move or if you would just like to understand the process and the current market circumstances let us know and we can give you that helping hand.