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Empower Wealth Blog post by Empower Wealth

3 Crucial Tips Before Selling Your Property!

Are the increasing interest rates making you ponder selling your property? You’re not alone!

BUT Hold onto Your Property!
Before you make that significant decision, take a look at this brief video to ensure you’ve thoroughly thought through these 3 essential must-dos!

Should you be in search of experienced and qualified advisors, we’re here to assist!
Empower Wealth extends an offer for a Free and No-Obligation Initial Consultation, allowing you to undergo a Finance Review without incurring any charges. Find out more here >

And if you’re uncertain about whether your cash flow will sustain you, explore MoneySTRETCH on Moorr here.

(Related video: Why Now is NOT The Time to Sell Your Property – Watch here)


Ben: If people are worried about household cash flows, what should they do?

Bryce: First of all, they should be surrounding themselves with people who’ve actually been here and done that before. People who have seen stuff like this before.

So we get that there’s real pressures in households, so we’re not belittling that.

But the idea is you might be in a position where you can buy yourself some time and that only comes from having visibility around your numbers.

So I think surround yourself with people who have been here before, but take on advice.

Ben: Yeah, sellers regret is real. You don’t want to be looking back in a decade’s time and go,

“We sold that property. We could have got through that okay without selling it.”

But once we sold it, it’s gone, right? And we’ve got all those selling costs and all those acquisition cost plus the tax you might have to pay.

So back to your point, just get someone’s professional opinion on what you should be doing or do your financials. Do your numbers. So you know what is your cash flow position.

And of course, we say do it on the Moorr platform because that’s where you’re going to get the MoneySTRETCH tool to allow you to work out exactly how much cash you’re going to have available.

Bryce: Yeah we’re speaking to two groups aren’t we? We’re speaking to our audience on our podcast by saying,

This too shall pass.

Please take advice from anyone who’s experienced and who knows how to get you to the top of the mountain, not just someone who’s got an opinion. And then, of course, our own client base, because we are serving a whole range of people, we want them to come and see us.

So at the very least we can remove the emotion, bring it back to a logical space and go,

This is actually what the numbers look like. How does that look like for you? Can we buy that extra time?

And just kind of remind them what the outcome is here.

What’s the dream outcome? It’s to actually retire on a passive income where they’re holding 2 or 3 of these properties combined with their super. They’ve got a really good lifestyle. So we do not want to forsake that future goal for a little bit of comfort now when people are feeling discomfort.

Ben: We get the churn, don’t we? We understand it.

Your head is on the pillow. It’s keeping you up a little bit at night but that’s because you haven’t made the invisible visible.

If you can then do your analysis on Moorr and look at your essential and discretionary spending, look at exactly how much your buffers will buy you in time, because this is a time conversation we’re talking about. This, too, shall pass.

Interest rates will come off, the breaks will be released.

And so that will make money cheaper. That will take the pressure off in terms of the repayments.

For that little bit of churn, just get some advice around that. And if it’s still there and it doesn’t look likely, well obviously go ahead. But again, don’t just go straight to gotta sell the property.

What about a second job?
What about getting some other income?
What assets have you got floating around the house you don’t use anymore?

Start selling some of those things off as part of that.

There’s one other fundamental thing we do before you actually sign any contract of sale form to sell, and that is speak to your bank.

The banks of today are different than the banks of yesteryear where, like foreclosures and mortgage in possession sales. They will do whatever they can. They’ll put you on a payment plan. They’ll basically put you on a repayment holiday.

So if you can even buy six months through a repayment holiday, I’ll tell you, the opportunity cost is significant so exhaust all avenues. Like whatever you can do Bryce,

Don’t sell the property.

Bryce: Well, ideally right? And in some cases, even if you are thinking of selling a property and you’ve got a couple to choose from, we’ve got to make sure you sell the right one.

So clearly we are of the view that you don’t sell, but sometimes people are making those emotional decisions that we like them to avoid.

So definitely get advice.
Definitely surround yourself with people who have been here before.
And thirdly, just get super clear on if it is actually a problem.

Is it something that’s rattling around in your head? But once the numbers see the cold light of day, is it actually a problem?

Because I’ve had a number of conversations with people who’ve wrestling with the monster under the bed, but once they realise what actually is in front of them, they’re like it doesn’t feel so scary after all.

Ben: Opportunity cost. They will regret it.

Free Finance Review

At Empower Wealth, we’ve engaged in extensive discussions with numerous clients, particularly in light of the significant increase in interest rates. While there are a few clients who find it necessary to sell their property, the majority have successfully retained theirs. This achievement stems from a comprehensive understanding of their cashflow position and a thorough lending review, ensuring that their loan structure aligns with their unique circumstances.

If you’re feeling the impact of these rate rises, we encourage you to reach out to your bank or broker. Should you desire a second opinion, our nationally recognized, multi-award-winning mortgage team is eager to assist with a Free Finance Review. Utilizing a broker for a loan review is entirely cost-free, so why not seek qualified and professional advice before making any decisions about selling your property? Moreover, there’s no obligation to engage with us after the review.

If this piques your interest, simply complete the form below to kickstart your Free Finance Review.

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