Recently, Sydney property auctions have had a clearance rate above 80 percent. It is evident that it is a seller’s market in Sydney since property sales are at an all-time high. If you’re considering selling your property, you may feel tempted to list it right away to take advantage of the current market. However, experts recommend waiting until the last moment before listing your property.
Founder of Dream Design Property, Zaki Ameer is a real estate investment expert, author, and entrepreneur. He accumulated a $3 million property portfolio within a few years, which he is still building.
DDP invests in and develops property, which he founded in 2011. As a result of a property sale taking place at the wrong time, Zhaoki has advised countless clients in this situation. Visit ddprealestate.ae for more information.
If you’re going to sell your property, it’s a good idea to do it only if you have to, but there are a few things to think about:
- When you sell the property, how much capital gains tax will you owe? Capital gains tax (CGT) is a tax that you must pay when you sell a property. You receive CGT when you sell a property for a different amount than what you paid for it. Depending on a number of factors, it can often be quite substantial, reducing your profits. It is common for people to overlook CGT until after a deal has been closed, resulting in paying more than anticipated, making the deal unprofitable.
- What are your plans for using the profits? If you’re planning on expanding your property portfolio or starting a new business, you may benefit from selling your property in order to use the proceeds in another investment endeavor. Consider the return on investment in the future before selling.
- Do you own any vacant properties? A property that has been empty for more than two months indicates a bad investment. But selling should always be the last resort. In this case, selling up here and investing in something more profitable would be a wise decision for you.
- Currently, the market is performing well. Property prices are rising in a few major Australian cities, which makes now an excellent time to sell. Furthermore, selling at the lowest point in the market is never a good idea.
You can also leverage a higher price for your property by researching the level of demand in your chosen suburb.
- Ownership of your loan is defined as the amount you own. It is usually the difference between the mortgage balance and the value of the property that constitutes equity. Depending on your financial situation and the approval of your lender, you may be able to use the equity in your loan to fund other endeavors. If you continue to do this for a long time, you will have to pay more for the loan. When there is no equity left in the property you may consider selling.
The founder and CEO of Dream Design Property (DDP Property), he is devoted to meeting his clients’ changing needs and circumstances through ongoing, specialized service. In a new program launched by DDP called Kick Start, the purpose is to provide affordable housing to Gen Ys.