Bryce's Blog: Episode 5. Follow this expert advice from Property guru Bryce Holdaway.
Ninian and Fiona were heading toward a new stage in life and things were e winding down for them but far from ending!! This in-between stage made them asses their lifestyle and where they wanted to live & eventually retire. The idea of getting back to nature and a more relaxing lifestyle lead them on a journey to Byron Bay and it’s hinterland surrounds.
Once we got up there though, the reality of the move started to crystallize and Fiona had some concerns. It’s totally natural to reassess your needs once you have faced the facts of what the move really means to your lifestyle.
Here are some other essential points to consider if you’re contemplating a significant move:
• Fiona and Ninian owned a great home in a flourishing Inner City Sydney market and I had serious concerns that they were about to sell out of a strong competitive market and park their money in a dormant one. At this stage of life you want your assets to be growing with you.
• When buying these acreage/rural properties some banks require a larger deposit than the standard 20% as the banks will want to protect their position due to the properties often taking longer to sell and in a fire sale they may get less in order to sell quickly.
• Be very very clear about the type of lifestyle you are leaving and what you are heading to. The area you choose needs to reflect the move you’re making. Being close to beach and surrounded by nature sounds idyllic but will that lifestyle wear off? Will you end up missing the hustle and bustle of cafes, friends, theatres and the resources of the good life you left? Remember that even the excitement of gorgeous views wear off over time!
• When we took Fiona and Ninian to a Queenslander property in Mullimimby and stood out the front – it didn’t really say “major lifestyle change” as it could have been in any suburb. Then we headed up the hill with a view of the Byron Bay lighthouse and rolling vistas and immediately you could see that Fiona and Ninian were beginning to find the reason to consider a move.
• You want to feel that your move has been worthwhile and special, and when friends come to visit, your new house needs to be obvious why you took the chance to pack up.
• When you make such a considerable move realize that you’ll be isolated from your existing friends and networks so you’ll have to establish yourself in a new community, look for doctors, stores & services, which takes time and commitment.
• If in doubt, rent first. Spend time in the area on holiday and get to know the locals and whether the town has enough to support your new lifestyle. Fiona and Ninian would have benefited from spending some time up north before attempting to buy.