When it comes time to sell your property, you need to decide on when you will be moving out and into another home. Do you move out before the sale, or after it, or somewhere in between? There are many factors that will help you to decide when the best time to move out should be and I'm here to tell you about the pros and cons for each option.
MOVING OUT BEFORE SELLING
If you decide to move out before selling your property, it can often help to sell the property quicker if it is not lived in. If you have the financial means to move out before selling, this option is the best way to prepare your property for sale.
Pro - Any last-minute repairs or renovations can be done without putting you out, like painting, or floor finishing, etc. If you can afford to bring in an expert, a home stylist can also be brought in to style your home to help to add value to the property. When buyers see a nicely styled home for sale, they automatically perceive the home in a higher price point than if it was empty. If you have moved out of the property, you don’t have to stress about maintaining the styled home constantly while the home is on the market.
Con - The biggest problem with moving out before the home sells, is that the market is unpredictable and it could easily take months to sell your home which in turn would cost you money in interest payments to the bank.
MOVING OUT AFTER THE SALE
The most common option is for the seller to live in the property while it's for sale and then to move out just prior to the settlement date once the property sells. It is most common to move out one or two days before settlement date, so final cleaning can be arranged before the pre-settlement inspection takes place.
Pros - You won't need to pay for two mortgages (or mortgage and rent) if you're still living in the property while it's being marketed.
Cons - You will have to keep the house clean and tiny and put up with disruptions to your day to day living because of open homes and inspections during the week. The house may not present as well as if it was styled, if you have older furniture displayed. It may be hard for buyers to envisage room sizes and how their own furniture would in the property, if yours is still in the house.
Another option for sellers is to rent the home back from the new owners for a period of time after the house is sold. Although not a common option, it does happen from time to time.
I hope this has helped you to make a decision when to vacate your property. If you are considering selling and would like some advice on how much your property would be worth in the current market, please give me a call on 0414 520 853 or flick me an email: email@example.com.
If you would like more tips on how to sell for more money, download my free guide below: