How to avoid seller's remorse
Category RealADVICE
Selling a family home is often an emotionally charged and difficult decision, and memories of the many happy years spent there can lead sellers to feel like they should call the whole thing off - even after they have signed a sale agreement.
But there are steps they can take to minimize this feeling and gain reassurance that they are doing the right thing for their current circumstances, says Gerhard Kotzé, CEO of the RealNet property group.
"Most importantly, they should take the time to clarify their reasons for selling before calling in a property professional and listing their family home for sale. For example, if they are 'empty-nesters' on the brink of retirement, it's usually a good idea to consult a financial advisor and consider the financial benefits of selling the property and how these fit into their retirement plans or might help them meet other long-term financial goals.
"Alternatively, the sale might be necessary because you really want to live in a smaller property that has better security and requires less maintenance, or because you want to relocate to be closer to family or enjoy a different climate or lifestyle. Whatever the reason, having a well-defined purpose can help you stay focused and feel more positive about the sale.
"A property professional from a national group like RealNet will also be able to show you a variety of other properties for sale in different locations that you might be interested in buying and making into a new home that aligns with your new lifestyle goals."
On the other hand, he says, it is important for sellers to acknowledge their emotional attachment to a family home and the memories associated with it. "You should take the time to get used to the idea of leaving, recall all the happy family occasions that have taken place there and document as many as possible by digitizing old photographs or writing a journal.
"If possible, you should also discuss your plans with family members and consider their input. This can help everyone feel more involved and reduce potential feelings of regret. In addition, it will help you develop a clearer idea of what your future living situation will be and start looking forward to that."
Kotzé says it is also vital to have realistic expectations and patience. "No new home will ever replace the emotional attachment you have to your family home. But new spaces will have their own attractions and over time you will also build up great memories of the time you spend there.
"Meanwhile, once you have made a decision to sell your family home, you should enlist the help of a property professional as soon as possible to guide you through the sale process and make a smooth transition to the next chapter of your life.
"This will free you to start finding out as much as possible about the new home and area you are planning to move to, including the attractions, landmarks and cultural activities that may interest you or family members. When you think about how your new home will meet your current and future needs, and what new possibilities, opportunities and friends could find when you move, you will be able to look forward to the change with excitement rather than dread."
Author: RealNet
