The traffic is hectic. The rat race is swallowing you up. You’ve just spent an incredible week in a remote coastal town, and it is the first time in a long time your blood pressure has dropped to normal. So now you’re thinking of packing up, selling at a great price, and making a sea change. Why wouldn’t you?
Making a sea change, or a tree change, has a lot of charm and appeal. But before you sell up in the city, and buy in a peaceful location, there are a few things to consider.
Try before you buy
You wouldn’t buy an expensive new suit without trying it on. Likewise, if you’re investing in property in a new location, you need to know if it’s the right fit for you.
Think about renting in your desired location for a period of time, before buying. Or at least visit the area regularly. You need to get to know an area through different seasons.
Your summer holiday may have been bliss, but in winter, the mercury drops and it might freeze over. Also, you may have experienced a peaceful off-season on your holiday, but come summer your remote location could become a hive of activity – exactly what you were hoping to avoid.
You should also know about the upkeep of your dream property. A vast acreage in a fertile location may mean a day of mowing every week. A house by the sea could mean rust damage and frequent maintenance.
If you can’t experience your chosen location through every season, at least do thorough research. Read magazines, hop on blogs, and try to get hold of the local community paper to get a feel for the place.
Consider regional property trends
At first glance, your dream location might seem unbelievably affordable compared with city property prices. But there are other considerations. For one, the regional property market tends to move slower than city markets.
A house that was on the market for five minutes in Sydney, might be on the market for three years in certain regions. Time on the market might not reflect the condition of the house, but the demand for housing. Regional areas have smaller populations which invariably means a smaller buying market.
The result is that if you do buy in a regional area, you might be there for good. Reselling your sea change/tree change property mightn’t be half as easy as it was in the city. So make sure a sea change/tree change is exactly what you want before making the leap.
Think about what you’ll miss
While you dream about your future, it’s easy to gloss over the negatives, and avoid thinking about what you’ll leave behind.
Regional life offers peace and quiet, yes, but it may also lack entertainment, services and facilities you are used to in the city. Research what amenities are available in your chosen location, and how easy it will be to return to the city, if you are missing city life, friends and family.