The pressure is on. House inspections underway, lots of people interested, but no definite offer yet. Very early days yet.
We've ""de cluttered ". Fresh flowers out for the inspections. Nice fluffy towels. Got a brilliant house washer to wash the house and paths (while he listens to Tolstoy recordings on his MP3) Plus some excellent landscaping guys who did the garden revamp - making all the hard decisions I'd never made, chopping anything that looks ugly or gets in the way, mulching , sort of backyard decluttering, plus all the touch - ups needed around the house I'd have put off until they became embarasing. Does this really make a difference to the price? We'll see.
And we're still awaiting the bridging finance approval. It will be very bad news if that falls through. Plan B? Still, the property valuations (on mine and the one I'm buying) should allow me to be in debt up to my eyeballs. Just what I needed as I contemplate retirement, perhaps nearer 70 than 60 now. Bad planning, should have done all of this first! Finished up going direct with the bank rather than the broker, probably costing a bit extra but in the circumstances..
And I just read an article by a real estate commentator saying if you're house isn't selling, it's over priced and basically take whatever offer you can get. How long is ""too long" - a month on the market, 6 weeks? I know from when I was buying, I got a bit suspicious when a property was still on the market at say 6 weeks.
All sorts of feedback about Sydney house prices - from firming, in some areas (I''d like to think mine) to flat and declining. Closeness to transport, even the city are big pluses now, and getting more important with fuel prices. Lot's of people are looking for good public transport links I'm told. But really there is no "Sydney"as such - so big and diverse it really contains a hundred real estate markets, all pulsing away at different rates I suspect.
Why am I worrying, it's only been a week. But gloomy headlines, crashing share markets are being mid winter - is this a good time? I keep telling myself there's not a lot of competition, with everyone holding off till Spring .
Thursday, July 3, 2008
Saturday, June 28, 2008
The decision
Buy first – sell later? Maybe it's a good decision.
The decision to buy first and sell later I think can actually be a great catalyst.
It’s been something of a discovery, an obvious one you’d think, that this is a decision that can't fall into the half pregnant category. At some point, there is a big plunge needed. Doing it this way really forces a commitment to a decision to let go and then focus on selling the family home.
I’ve done all the homework. What sort of place do we want, how do we know it will work? That looked good enough on paper. And even that can be hard enough, to get the confidence you’re making the right choice.
But moving, the actual buying and selling means commitment. I've realised that once the decision is made, there's no room for half measures. Sure, it's possible to resell the new place, lose a bit of money in doing so, and hang on to the old home. But then that means missing out on what might have been a great opportunity for something really better. Something new and different. And a change that can provide one of those memory landmarks that put a bit of colour into our reminiscences. Some decisions need the same sort of commitment you have when you jump of the deep edge. There’s no turning back so to speak.
Change. Key word here I think. And I suppose the essence of what’s happening and what’s been keeping me awake at night. Fear of the unknown, wanting to hang on to the safe and familiar. And I know I’m not alone – knowing many people who’ve agonised over this. Some who spend endless months building up their “property portfolio”, never to make the big move. Or endlessly wonder about selling their home, cashing up, moving away, downsizing, tree changing, sea changing etc – but do nothing. Or doing it impetuously. Or waiting for circumstance to make the decision, not a happy outcome if this is driven by age and ill health.
But I think that there’s a delightful escapism conferred by change, once it’s embraced – or even forced upon us. Because suddenly life seems more vital, and days and moments actually sit special in the memory, because they’re marked off by something new. Perhaps in the way a holiday seems special when we do different things. For me, finding myself wandering down towards Circular Quay (our new unit is close to Sydney Harbour) was actually an exhilarating experience. This for someone whose lived in Sydney for his whole life. Watching the ferries loading up with passengers, harbour lights sparkling - seemed to make my usual commuting seem like an endless waste of time, with all the back and forth in the trains over the years.
Needless to say – I’ve still revisited the new property quite a few times. Poring over the plans, checking how far from the transport, walking about the area to get a feel for things. This after we’ve made the purchase! Looking for reassurance as much as anything. Telling myself that views of Sydney Harbour don’t come cheap, when I ask myself if the price was right.
And while the decision to sell has been made – well, it must have been, since the signs are going up and people are inspecting our house – the focus is now shifting to whether we’ll sell, how quickly and for how much. And will it be enough. I think this could become engrossing enough for the moment to stop worrying about the loss of the house itself, and be more concerned about managing the sale. And a surprise for me, actually being helped by an Estate Agent who I think is earning his commission. Still, we’ll see if it sells and for how much.
And the questions keep rolling on – what’s our place really worth, did I pay over the top for my unit, is property going up or down, is this a good time of year to sell (some say yes, good reasons to sell in winter) or should we wait till Spring (some say yes, good reasons to sell in Spring) ?
The decision to buy first and sell later I think can actually be a great catalyst.
It’s been something of a discovery, an obvious one you’d think, that this is a decision that can't fall into the half pregnant category. At some point, there is a big plunge needed. Doing it this way really forces a commitment to a decision to let go and then focus on selling the family home.
I’ve done all the homework. What sort of place do we want, how do we know it will work? That looked good enough on paper. And even that can be hard enough, to get the confidence you’re making the right choice.
But moving, the actual buying and selling means commitment. I've realised that once the decision is made, there's no room for half measures. Sure, it's possible to resell the new place, lose a bit of money in doing so, and hang on to the old home. But then that means missing out on what might have been a great opportunity for something really better. Something new and different. And a change that can provide one of those memory landmarks that put a bit of colour into our reminiscences. Some decisions need the same sort of commitment you have when you jump of the deep edge. There’s no turning back so to speak.
Change. Key word here I think. And I suppose the essence of what’s happening and what’s been keeping me awake at night. Fear of the unknown, wanting to hang on to the safe and familiar. And I know I’m not alone – knowing many people who’ve agonised over this. Some who spend endless months building up their “property portfolio”, never to make the big move. Or endlessly wonder about selling their home, cashing up, moving away, downsizing, tree changing, sea changing etc – but do nothing. Or doing it impetuously. Or waiting for circumstance to make the decision, not a happy outcome if this is driven by age and ill health.
But I think that there’s a delightful escapism conferred by change, once it’s embraced – or even forced upon us. Because suddenly life seems more vital, and days and moments actually sit special in the memory, because they’re marked off by something new. Perhaps in the way a holiday seems special when we do different things. For me, finding myself wandering down towards Circular Quay (our new unit is close to Sydney Harbour) was actually an exhilarating experience. This for someone whose lived in Sydney for his whole life. Watching the ferries loading up with passengers, harbour lights sparkling - seemed to make my usual commuting seem like an endless waste of time, with all the back and forth in the trains over the years.
Needless to say – I’ve still revisited the new property quite a few times. Poring over the plans, checking how far from the transport, walking about the area to get a feel for things. This after we’ve made the purchase! Looking for reassurance as much as anything. Telling myself that views of Sydney Harbour don’t come cheap, when I ask myself if the price was right.
And while the decision to sell has been made – well, it must have been, since the signs are going up and people are inspecting our house – the focus is now shifting to whether we’ll sell, how quickly and for how much. And will it be enough. I think this could become engrossing enough for the moment to stop worrying about the loss of the house itself, and be more concerned about managing the sale. And a surprise for me, actually being helped by an Estate Agent who I think is earning his commission. Still, we’ll see if it sells and for how much.
And the questions keep rolling on – what’s our place really worth, did I pay over the top for my unit, is property going up or down, is this a good time of year to sell (some say yes, good reasons to sell in winter) or should we wait till Spring (some say yes, good reasons to sell in Spring) ?
Saturday, June 21, 2008
Downsizing, is it worth it?
Why am I doing this?
I’m still asking this question since I started the roller coaster ride of moving house after 30 years. And roller coast ride it feels like, with all the ups and downs of finding and buying an apartment. The upheaval of giving up my home, moving and storing a family’s 30 years of bits and pieces. And most unexpected – having to go actually go back to a bank for finance: coming to grips with terms like bridging finance, relocation finance, line of credit.
Surprisingly, the answer to the “why move “ is now revealing itself after some interesting twists and turns. It needs a leap of faith to move from a comfortable home, with expansive gardens and located in a quiet, appealing area. Hence the “”big plunge””, which for me symbolises some of the psychology involved in making this kind of decision. Much could be said about that process, which for me - a controlling, security conscious type, has been something of a revelation.
As well as the decision to give up a home and move to an apartment, have come a lot of other hard questions.
Do I sell my home first - then buy something? So much advice has been given to me about this: the most prudent course, always sell first. But that has it’s risks too.
What did we do? Bought first. Decided to sell later. That has financial risks.
And lot’s of other questions. What sort of apartment? How do we choose the right area. How do you know what’s good value? How do you know you’re negotiating a good price. How much is my own house worth? Will it cover the purchase? Will I be able to afford bridging finance? What happens if I don’t sell my place?
And we haven’t even moved in. What it’s going to be like living in an apartment after so many years in a house?
I wonder who else has travelled down this path already, or is about to take the plunge?
I’m still asking this question since I started the roller coaster ride of moving house after 30 years. And roller coast ride it feels like, with all the ups and downs of finding and buying an apartment. The upheaval of giving up my home, moving and storing a family’s 30 years of bits and pieces. And most unexpected – having to go actually go back to a bank for finance: coming to grips with terms like bridging finance, relocation finance, line of credit.
Surprisingly, the answer to the “why move “ is now revealing itself after some interesting twists and turns. It needs a leap of faith to move from a comfortable home, with expansive gardens and located in a quiet, appealing area. Hence the “”big plunge””, which for me symbolises some of the psychology involved in making this kind of decision. Much could be said about that process, which for me - a controlling, security conscious type, has been something of a revelation.
As well as the decision to give up a home and move to an apartment, have come a lot of other hard questions.
Do I sell my home first - then buy something? So much advice has been given to me about this: the most prudent course, always sell first. But that has it’s risks too.
What did we do? Bought first. Decided to sell later. That has financial risks.
And lot’s of other questions. What sort of apartment? How do we choose the right area. How do you know what’s good value? How do you know you’re negotiating a good price. How much is my own house worth? Will it cover the purchase? Will I be able to afford bridging finance? What happens if I don’t sell my place?
And we haven’t even moved in. What it’s going to be like living in an apartment after so many years in a house?
I wonder who else has travelled down this path already, or is about to take the plunge?
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