Your home isn’t your “forever home.” But how do you know when it’s time to sell? Selling a home is a unique, individual process. It depends on the market, your position in life, and your current needs. Here are a few signs that you might be ready.
Your Home No Longer Suits Your Needs
If you’ve gone through a major life change, such as having a baby or retiring, it may be that your once-perfect home is no longer suitable. Maybe you need more space or less space, maybe you need certain features such as a pool, or maybe you just feel that you need room to grow. When your home no longer suits your needs, you have two choices: You can renovate or you can sell. For the most part, selling is usually cheaper if you need to make major changes.
You Can’t Afford Your Property
Are you falling behind every month? If you’re in the red on your property and you think it’s going to be like that for a long time, it’s probably better just to sell. If you hold onto your property for too long, you could just find yourself in a worse financial situation. (On the other hand, if your financial issues are temporary, you might want to hold on.)
There are other options. You can try to refinance your home, for instance. But that often requires an excellent credit score if you really want to get the best benefits.
You Need More Repairs Than You Can Afford
Sometimes, you can get locked into a situation that’s falling apart. Your HVAC system is failing, you need to replace the roof, and the water heater is on its way out. If you need more repairs than you can really afford, it may be better to get out of the house now and move into a situation that’s more comfortable. Otherwise, you’re just going to end up in an untenable situation once the repairs become absolutely necessary.
You Can’t Take Care of Your Home
Maybe you’re too busy to take care of your home anymore, or maybe the task has just become a little too much for you. If you can’t take care of your home anymore, it might be time to downsize. Downsizing a property gives you the opportunity to secure some equity for other things in your life while also ensuring that you have a home that’s the right size for you and your family.
Your Home Has Appreciated Significantly in Value
Sometimes you just want to secure your equity and run. If your home has appreciated significantly in value (such as being in a high-growth market), you might be inclined to sell your property now and then purchase something equally sized (or even larger) in a more affordable area. Sometimes it’s best to capture your equity, especially if you think that real estate in your area may be in a bubble or just accelerating too fast.
You Need to Move and Don’t Want to Rent
There are situations when you just want to move. In those situations, you might be wondering whether it’s time to sell or whether you want to rent it out. Renting out a property does bring you in passive income, but it’s also an immense undertaking. You need to consider whether you want to really become a landlord, or whether it’s easier to sell your home outright and move on. And while you can hire a property management company to manage things, that’ll also cut into your profit.
Sometimes you just know when you need to sell your home. Other times, you need to consider everything before you make an educated decision.
These are all significant signs that it might be time to sell your house. But no one can really tell you whether it’s time to sell your home but you. Whether you’ve outgrown your home or can’t afford it, it’s good to know the options are there. Contact Purple Mountain Holdings today to get a quote.