Selling your house is an important life decision, especially since your home is one of your most valued possessions. Your house contains your identity, memories, and family history, making it emotionally difficult to sell. Here are a few signs you should sell your house.
1. You have enough home equity
“When should I sell my house?” is a common question among many homeowners. Consider your home equity, which is your current home’s value minus your mortgage balance. When selling your house, you want to profit from its equity.
If you’ve already built enough positive equity, then it’s a sign you should sell your house because you’re assured of a profit from the sale. This can help you pay your existing mortgage, the 20% down payment for a new home, and some additional amount to assist with house selling costs and your moving expenses.
2. You want space that suits your needs
If your family is growing, you may need more space to cater to their needs. Additionally, if your children move out or you’re retiring, you may want to downsize. You may also want additional amenities such as a home pool or gym. If you’re spending more of your income on housing costs and it has become financially straining, it could be a sign to sell.
3. A renovation won’t increase your ROI
If you wish to remodel your home to adapt to your changing needs, consider its return on investment when it’s time to sell the house. Research your neighborhood to see how your house compares to others similar to it. If it's in the same condition, consider selling it and channeling the proceeds to another project. However, if renovations can increase your return on investment, you may want to consider this path.
4. It’s a seller’s market
A seller’s market occurs when interested home buyers are more than the property available on the market. If the demand for homes in your area exceeds the supply, a bidding war where buyers come with competing offers to outshine one another may occur. You may also notice home prices in the region increasing, the time a house stays in the market decreasing, and the buying and selling activities rise. Leveraging a seller’s market helps you gain the upper hand in property price setting, maximizing profits.
5. If home maintenance becomes tiresome
Home maintenance may become challenging and overwhelming with time, especially when it comes to your lawn and driveway. If you can no longer handle it, consider selling the house.
6. It’s an inherited property
If you’ve inherited a home and you already own another home, you may consider selling the former. In addition, an inherited property usually requires remodeling or repair before you can move in, which can be expensive and time consuming, along with requiring more maintenance fees, homeowner’s fees, and capital gains taxes.
Understanding the real estate market helps you determine when the time is right to sell, so you don't end up making a loss. Use the above tips to know when to sell your house.
Homesgofast.com is an international real estate portal and news source for Google news. Publishing international real estate, finance, homes and travel-related news and blogs for a targeted audience since 2002. Each news item is circulated to thousands of potential readers each day and is also available to the millions of people who sign up for Google news alerts. Find homes offered for sale and to rent direct from owners and some of the best real estate agents from over 35 countries