When the property you own ends up owning YOU!

Buying the property of your dreams can soon turn into a nightmare.

I see it about this time of year with acreage property. When the dream of living on 10 or 20 acres of rolling hills takes its toll as council notices pile up in the post box demanding you start taking care of all that winter growth before fire season.

I see the same thing with busy families and swimming pools. Once the kids enthusiasm for the pool has waned all Mum and Dad are left with is scooping, treating and changing filters for the next 10 years.

I see it with retirees still living in their family home and struggling to keep the home to their own high standards.

The HOME they OWN ends up OWNING them..

Very rarely do people acknowledge that a home is getting too much for them and so the property slowly falls into disrepair, losing value until circumstances finally force their hand and they sell without exerting maximum influence over the process through presenting the property at its very best.

I also see it with investment properties whereby a couple will buy a rental property to negatively gear, struggle to afford it then sell when money when money gets low via forced redundancy or changed employment status.

They then have to try to get maximum money for their investment whilst they do not control the 2 factors that greatly contribute to a excellent sale price - Access and Presentation.

In todays newsletter I humbly suggest you review your own property strategy with one guiding principle-

1. Does my property/ies serve ME and MY family or do I spend more of MY time and MY money serving it/them.

If you own multiple properties what is your end game and are the risks associated with ownership to your most precious recourses of time and money worth it?

Do you own your property OR does your property own YOU?

I know many people that have built up massive portfolios of more than 50 properties and they all have one thing in common....

At some point they have sold every property that no longer serves them. Once one of our clients built a portfolio of over 80 properties and now has 3 and has never been happier.

More is more. More property means more work, more bills, more council rates, more maintenance, more tenant issues, more property tax more headaches but there is potential for greater rewards in the long term if you can sustain it.

I am not saying don't own lots of property or buy the dream home you've always hoped for but I am saying that selling the property that is not serving you before its too late is wise. With less property comes less stress, less out goings which gives you more time and money to spend doing the things you love.

Not really the advice you expect from your real estate agent but at REAL we are like that after all...

Life is too short.

Nathan Hutchinson