Hold your horses, don’t just sell!
There are a lot of lessons that life has thrown my way over the years, both professionally and personally.
One major lesson that I have learned that falls under both the professional and personal categories is “don’t just sell.” What I mean by this is don’t just sell the house, the cottage, the cabin, the ski chalet, the farmhouse, the condo, etc… Not without having a clear plan as to what your next move will be. Hold your horses. It is especially important to know what you will do with the equity from the proceeds of the sale.
If there is any uncertainty or doubt related to your next steps then hold off. Do not sell. At least, not yet.
Consider your many options. Choose to invest the money in the equity markets, buy another property more suited for your lifestyle, an investment property, etc…
Things come up in life that nudges you in a different direction, and in some cases, demand change. Perhaps selling a recreational property makes sense as you are starting a family so you would like to purchase a home for the family to grow up and this is great. But maybe selling the inherited family cottage can wait until you have a better sense as to what your lifestyle will be, in time.
If you don’t know what you want to do with the capital, then stop. Hold off. Don’t just sell it. Consider renting the property out for a few years until you know what you want. Until your intuition says it’s time to move on and you have a game plan for your money.
I find this advice especially crucial for clients in their 20s and 30s. Life can pull you in many different directions through these decades, and it’s best to stop and be thoughtful, consider your options, set a game plan and only when confident about your next steps go ahead and sell that property.
