For previous generations, buying a home was a once-in-a-lifetime event, and selling it a reluctant response to something that left no other choice. As the workforce became more mobile, and social changes redefined the family unit, the notion of a “forever” home was challenged. Home owners are now willing to sell their properties for a range of reasons as diverse as they are practical.
Moving up to Something Bigger
Up-sizing and downsizing are the opposite sides of the same coin, that is, the desire to have just the right amount of space for current needs. The typical home owner who sells a property to move to a bigger one will usually have a growing family who need their own bedrooms, or be caring for elderly parents or perhaps running an expanding home-based business.
Free up Cash by Downsizing
Downsizing is usually a lifestyle decision by older people whose families have grown up and left the family home. They no longer need the extra space or the work involved in keeping a large property clean and well-maintained. Selling up and buying something smaller also frees up much needed cash, which is useful in later life.
We have helped clients to both up-size and downsize, but these are not the only reasons people decide to sell their homes. Real estate is very much a people-centred industry, and here at Bunbury Real Estate experience has shown us that almost every decision to sell is driven by some change in personal circumstances.
Changes in Work Circumstances Trigger Sales
Work, for example, is a major part of our lives and very important to our financial and personal wellbeing. Many sales are a result of changes in work circumstances. We have worked with clients who needed to sell because they were moving interstate to a new job, which is always exciting. Sadly, we have also helped clients who needed to sell because they had lost their job and could not manage the mortgage repayments.
Relationships and Family
A change in relationship status that triggers a property settlement is another personal circumstance that will cause homeowners to sell. A separation or divorce is a common reason for contacting our agency to list a property. So, too, is the need to be closer to family during such a difficult time.
Not the Old Neighbourhood?
Sometimes the change is just one of personal preference. This typically happens when a neighbourhood that has been home for many years, changes to a completely different demographic. For some long-term residents, it just doesn’t feel like home anymore, and they sell their property and move to somewhere that better suits them.