Your home has been there for several life events and has provided a safe and nurturing environment to raise a family and entertain friends. However, now you are wondering if you should consider enjoying this space or if it is time to move on. Here are a few signs that it might be the right time to sell your current home.
Your Family Has Outgrown Your Current Home
The home you purchased as a young couple was perfect for your needs as newlyweds. However, several kids and all their stuff later, your home is beginning to burst at the seams. A growing family is a common reason to sell your current home and purchase a larger space.
Before selling your home, make sure to eliminate as many personal items as possible from the real estate photos, as this will make it easier for potential buyers to see themselves living in your space.
You Are Retiring and Want To Downsize
Conversely, if your children have all moved out and you are retiring, you might want less of a home to care for. Selling your current home to move into a smaller house, apartment, or condominium is a smart move if you do not have as many people living in your current home. Additionally, as you get older, moving into a smaller home will mean less cleaning and clutter and more time to enjoy your hobbies and retirement.
You Have A Lot of Equity in Your Home
Your home's equity refers to the difference between what you owe on the home and what the home is worth. For example, if your home is worth $200,000 and you have only $50,000 left on your mortgage, this means you have $150,000 in equity. The best way to determine the equity in your home is to contact a real estate agent to have your home appraised and the value determined.
Once the equity amount is determined, consider how much money you would need to place a down payment on another home and the potential closing costs. Additionally, if you live in a competitive market and could get a lot more for your home than the current value, selling and cashing out your equity would make smart financial sense.
It can be tricky to know if you should sell your current home or if you should hold off for a future date. If you have any questions about putting up your home for sale, contact a real estate agent.
