6 Signs it’s Time to Sell Your Home
Most buyers don’t plan on living in their first (or second or maybe even third) home forever, but it can be difficult to know when the time is right to put their home on the market. There may be life changes that force a homeowner into selling such as a career move or a second child, but if there isn’t a pressing reason to sell, it might be hard to let go of a home. If you’re considering making a move but aren’t sure it’s the right time, check out the following six indications that it’s time to sell your home.
Your Home Feels Cramped and You Can’t Add On
Even without a growing family, your home may no longer be a fit for your lifestyle. For instance, if you recently started working from home and you require an office area, it might be time to look for a home that can accommodate your needs. However, before you just jump into a larger house, see if getting rid of possessions may help you create the additional space you need. If it doesn’t, you can consider an addition; however, not everyone will have that luxury. To help you determine what route to take, check your local building laws and get estimates from at least two contractors. You will also want to check with your real estate agent to see if adding on will create value or whether it’s just an expense you don’t need.
Your Home is Too Large
On the other hand, you may feel overwhelmed by empty rooms and unused space. If you recently had kids move out on their own or you no longer need your home gym, it’s time to consider how feasible it is for your to stay in your current home. Additionally, if you are overwhelmed by high utility bills or maintenance and upkeep, you might find selling your home to be the best choice.
You No Longer Fit the Neighborhood
Neighborhood dynamics can change dramatically over time and the time may come where you no longer fit with your neighborhood. Maybe your 30 minute commute to work didn’t seem like a problem when you first moved in or perhaps your children are growing and you’re concerned with getting them into quality schools. If you are unable to afford private schools, then it may be in your best interest to move to a school district in which you have confidence.
You Won’t See ROI on a Remodel
If you are bored with your surroundings, remodeling your kitchen or bathroom can make your house feel like new and curb your desire to move. However, just because it may keep you in your home doesn’t mean that it’s a financially sound decisions. Before making significant improvements, you should really study the neighborhood and know the highest price point of your neighborhood. If your home is already in a similar style and condition of the highest priced homes in your neighborhood, remodeling may be a bad idea and selling might be the best choice.
You Can Afford to Sell Your Home
As the old saying goes, it takes money to make money and while selling your home will make you money, you have to spend money to do so. Before you consider selling, you should have the funds available to prepare your home for sale. The majority of sellers need to make some minor improvements like painting, landscaping or updating flooring in order to get the best price on their home. Because these costs come out of your pockets first, it’s a good idea to have a considerable cushion before you list your home.
You’re Ready to Compete
If you are living in a seller’s market, you might be tempted to sell before the market cools, but remember that once you sell your home you will most likely be a buyer. If your market is hot, your home may sell quickly and for top dollar, but keep in mind the home you buy will be more expensive. If you’re considering selling, be sure that you are ready to compete.
Your first home is very unlikely to be your last, but that doesn’t mean that it’s always easy to decide when the right time to sell your home is. Consider your life, your needs and your resources before you jump into listing too soon or staying in your home for longer than you should. If you’re not sure whether to sell your home or not, consider the above signs and work with your real estate professional to make the best decision for you.