Have you been flirting with the idea of a new home or browsing through some properties you imagine your family living in? Ever wondered what it would take to put those longing thoughts into motion?
Selling your home isn’t an easy decision to make, especially with the uncertainties brought to all of us by the pandemic. And if you’re on the fence about putting your home up in the market, you’ll surely need to consider the range of influences that will affect you, from the current market conditions to your financial circumstances.
So, is it really the perfect time to sell your home? Here are nine telltale signs that you’re making the right move.
You’ve built a tidy sum of positive equity
Have you been paying your house off for at least five years.. or more? Then, you may have already built positive equity. Doing so is one of the best financial factors in coming up with a decision to sell your home. Equity will be determined by how much you gain or lose when the remaining balance on your mortgage is subtracted from the updated market value of your home. Ideally, you should be able to get back enough to cover the deposit costs on a new property, moving, and settling on a sale. Don’t sell if you still have negative equity.
You’re financially-capable to move
Not only should you have equity on your side, but you should also have extra savings up on your sleeves! House costs (and a lot of unexpected expenses) stack up when selling a house, so try not to SOLELY rely on your equity, as it’s best reserved for your new abode. Consider costs of moving and repairs that need to be done before listing and whether the new mortgage will turn out heftier.
Your emotions are in place
Are you emotionally-ready to cut-the-ties? If you’re actively perusing the latest real estate listings and day-dreaming about a new place, then it may be time to sell your home. Selling a home is an emotional and stressful process, and we may find judgment clouded by emotions at the best of times. Prepare your home for sale and be ready for the negative feedback you may receive from realtors, home stagers, or potential buyers. Give yourself time to take in everything and mentally prepare for all the steps it will take.
You’ve outgrown your house
Did you buy your home before you started a family? Most homeowners purchase homes at a different stage in their lives, and it’s not uncommon to outgrow your current home and need something MORE. If you’re expanding your family, have growing kids, or caring for aging parents, then it may be the right time to check the market.
Your location no longer suits your needs
Does your home still suit your lifestyle needs? Is the location still desirable even after a few years? If you’re crossing off both questions, then it may be the right time to put your home up in the market. Take note that you’ll want to live in an area that will benefit the entire household, so put your priorities in place and assess if you need to move houses.
You’re ready to downsize
On the other side of the coin, most homeowners choose to sell their homes once their children have grown and moved out of the large, once-bustling family home. Downsizing makes a lot more sense than trying to manage the up-keep. Just remember to wise up with how much of the profit you decide to spend on your new cozier home.
Market conditions are favorable
While a local seller’s market is a good indication you’ll benefit from selling, you also have to consider the buyer’s market if you’re looking to buy a new home and upgrade. If you do, then you could end up with a bigger house, in better condition, in a much perfect location– all for less! That said, it’s also not a good idea to focus too much on trying to “time the market.” Buy the best property you can within your budget and your needs!
Renovations aren’t too heavy on the pockets
Are you thinking of doing some renovations on your home to capitalize on your resale? Will it add value to your property, or will you end up losing money in the long run? If you spend too much and budgets blow out, you may overcapitalize. Be sure to carefully plan out what your aims are, how much it is going to cost and how much value it will add to your resale. A new bathroom or a kitchen renovation will add value to your home, but ensure you’re going to get out what you put in and more!
You’ve already got a trusted agent
Have you already checked off a bunch of concerns on your list? Now you’re ready to talk with an agent! And if you’re serious about selling, you’ve probably started doing some research of your own. Choose the best real estate agent for your transaction– he should be able to listen to you and advise you of the best outcome you can achieve. With an agent that’s a perfect fit, he’ll be able to help you put together a plan for selling and outline all the steps you need to go through to get your house on the market.
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🤔Have you been flirting with the idea of a new home or browsing through some properties you imagine your family living in?🧐🏠 Put those cogs in motion👍 and check out these 9⃣ telltale signs that you’re ready to buy a new property.🏘
Selling💲 is never an easy feat, but if you’re ready, then it could be the best decision ever!❤️
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