When The Time Is Right: Indicators That You Should Sell Your Home Now
The decision to sell your home (or stay put) is one that can keep you up at night. With so many pros and cons to consider, it’s not uncommon to find yourself pulled in both directions.
While you may never be 100 percent comfortable with your decision, there are steps you can take to put yourself in a position to succeed. Here are some indicators that now is the best time to sell your home.
You Need More Space For Your Family
Are you always bumping into your spouse in the bathroom as you get ready for your day? Do your children fight constantly because they have to share a bedroom?
There may come a point when you just don’t have enough space for your entire family to comfortably live. In this case, get on the same page as your spouse and children to decide if now’s the time to make a move. Even if you don’t necessarily want to move, needing more space for your family may push you to do so.
Your Lifestyle Is Changing
The life you lived in the past may not be the same as the life you are living today. For example, there may have been a time when you enjoyed living in a city setting and walking everywhere.
However, now that you are married with a family, you’ve come to find that your lifestyle is nothing like it was in the past. As your lifestyle changes, consider if your home -- which includes its location -- can adapt accordingly. If it can’t, a move may be in order.
You’ve Put Your Emotions In The Past
Depending on the type of person you are and how long you’ve lived in your home, you may have an emotional attachment. For instance, if you raised your children (who are now adults) in your home, it can be difficult to move on and leave those good memories in the past.
Once you put your emotions behind you, it’s much easier to get on board with the idea of selling your home. You’ll no longer have that attachment holding you down.
Your Adult Children Have Moved Out for Good
When your children still need a place to live, you may realize the importance of staying in your home. This even holds true when they head off to college, as you know they’ll need a place to stay on breaks and over the summer.
Once you come to the realization that your adult children are gone for good -- maybe because they have all purchased homes of their own -- you’ll find it easier to sell. This goes along with putting your emotional attachment in the past.
Maintenance Is Bogging You Down
It’s easy to buy a home with the idea that you’ll easily keep up with all the maintenance, both indoors and out. However, once you’re living in the home, you may find that you have a lot on your plate at all times.
Some people enjoy maintaining a home, such as those who are handy. Conversely, there are just as many people -- if not more -- who want nothing to do with maintenance. If you thought you could handle the upkeep but find that you were wrong, it may be time to find a home that’s easier to maintain.
Your Home Is Too Big
Are there really people who move because their house is too big? Absolutely! You’re more likely to hear about someone moving because they need more space, but downsizing is a trend, too.
Maybe you’ve come to find that you don’t want to keep up with all the cleaning associated with a big home. Or maybe you’re children have moved out for good and you just don’t need the space any longer. If your home is too big and it’s holding you back, it may make sense to seek out a smaller property.
It’s A Seller’s Market
This alone may not be reason enough to sell your home, but it’ll definitely have you thinking about it. Selling in a buyer’s market is a challenge, as there are a lot of properties to choose from.
But in a seller’s market, you don’t have to deal with nearly as much competition. Not only does this position you to sell your home faster, but you’re also in the driver’s seat in regards to the asking price. In other words, you’re more likely to get top dollar.
You Know Your Competition
Know your competition. For example, a few neighbors in your community have sold their home in the past few months and you know one thing for sure: your property is better across the board.
This may be the nudge you need to consult with a real estate agent. If you’re thinking about moving anyway, now may be the time. After all, you know that people are buying in your neighborhood and that you have something that will pique the interest of the market as a whole.
You Have a Housing Plan for the Future
It’s one thing to sell your home. It’s another thing entirely to have a concrete plan in place for doing so, which includes a housing plan for the future.
In other words, don’t move if you don’t know where you are going. Even if you can make a pretty penny on the deal, you could blow all your profits by not having a place to call home after your transaction closes.
You Don’t Want To Tackle Another Home Renovation
When you realize that another home renovation is staring you in the face -- especially a big project -- it’s easy to turn your attention to the housing market. And there’s nothing wrong with that.
Not only does a renovation project turn your home upside down, but it also costs money. You may be better off finding a home that has everything you want, as to save yourself the aggravation and money. Yes, a renovation project can be fun, but only if you’re all-in.
You Want Or Need To Cut Your Housing Expense
Things change with your budget and finances, so there may come a point when you want or need to cut your housing expense. And one of the best ways of doing so is to sell your home and move into one that is more affordable.
When making this decision, have a clear idea of your current housing expense -- including all utilities and maintenance -- as well as what you can save by moving. This will help you make the right move.
You’re Moving On From A Relationship
If a personal relationship doesn’t work out, such as if you are going through a divorce, you may realize the importance of selling your home. And in some cases, it may be necessary in order to satisfy both individuals.
Take for example a couple who purchased a home together while married. If you plan to divorce, you may want to sell your home and split the proceeds. This is often the best way to move on from the home without any additional complications, such as arguments over who gets to stay.
The Neighborhood No Longer Suits You
When you moved into your neighborhood, it had everything you could possibly want. However, over time, you may come to find that your neighborhood and personal lifestyle are changing.
Take for example an area that has experienced a growth in crime. Or maybe a neighborhood that has been overrun by new commercial developments. If there is anything that concerns you about your current neighborhood, the best way to eliminate the problem is to move. After all, you can’t change the location of your home.
Get Closer To Loved Ones
Some people get the urge to live closer to loved ones, which typically means selling their home. This depends largely on where you live, where your loved ones live, and your financial circumstances. If you’re ready to make a move, for this reason, review your finances so that you can move into a comparable house that’s closer by.
As long as everything checks out in regards to your budget, you can move closer to the people who matter most to you, and that’s important!
Mortgage Rates Are Low
The opportunity to secure a low mortgage rate isn’t the only reason to move, but if you’ve been toying with the idea it may be just what you need to take the leap.
A lower rate can save you a lot of money over the course of your loan, especially with a 30-year mortgage. Before you make the decision to move, check with several lenders and brokers to better understand the rate that you qualify for.
You’ve Saved A Big Enough Down Payment
Gone are the days of buying a home without a down payment. Today, you’ll need some money -- preferably 20 percent -- to make your dream come true. Once you have a big enough down payment for the type of home you want to buy, it’s easier to proceed with the process.
Not only does a down payment make for a lower monthly payment, but it also increases your odds of getting a loan approval. Furthermore, a 20 percent down payment allows you to avoid paying private mortgage insurance.
You Have Equity In Your Home
Equity alone isn’t enough reason to sell your home. In fact, for some people, this is reason enough to stay put -- especially if their home is paid off in full.
But, when you have equity in your home, it’s much easier to move. You can use the equity as a down payment and/or toward repairs and renovations. The best way to calculate equity is to obtain a professional appraisal. This will give you a clear idea of what your property is worth at the present time.
There’s No Room For An Addition
You need more space and you’re willing to consider an addition, but you soon come to realize that there is no way to feasibly make it happen.
Simply put, there could come a point when you’ve done everything you can to expand your home. Even if you’re okay with another addition, there’s nothing you can do to make it happen. The only way to get more space is to sell your home.
Remodeling Won’t Net You A Profit
Not every remodeling project will net you a profit, but you should think about this before you hire a contractor. This is particularly true if you’re deciding between a remodeling project and moving to a new home.
Some projects are fun to take on but don’t do much for the value of your home. Others will increase the value of your property, thus allowing you to recover your costs if you decide to put your home on the market.
You Simply Need A Change Of Scenery
Are you tired of the same old, same old day after day? Have you lived a good life in your home, but are ready for something new?
There’s nothing wrong with coming to the realization that a change of scenery is what you need. If this is your primary reason for moving, have a clear idea of what you want in your new home. This will ensure that you’re happier once you make the change.
