Knowing when it might be time to sell your house isn’t an easy decision, especially, when it is filled with cherished memories. More than wanting a new home, you need to consider a range of influences that will affect you and the sale of your home, ranging from the current market conditions, to your own financial circumstances, and more.
Here are five signs telling you that this may be the time to sell your house:
If the demand for homes in your city or neighbourhood far exceeds the supply of available properties, you are likely to find yourself in a seller’s market. As a result, the demand for your property will be high and you may find a buyer who is willing to pay a high price because of the lack of supply. Depending of course on your original purchase price, you may be able to turn a significant profit in this scenario.
Equity is the amount that remains once you subtract your mortgage balance from the sold price. Positive equity results when the market value is significantly higher than the mortgage balance, this happens when you have been paying your mortgage for several years. If you find that the value of your house far exceeds what you originally paid for, you should consider selling if you want to upsize or release some money to do that one thing you always dreamed of. Speak to a financial adviser or you can use a mortgage equity calculator to get an idea of the amount.
A growing family, an increasing amount of furniture, and working from home can result in a shortage of space. If you find yourself fighting to find room to fit in your family, need a garage for that new bike or workshop to start that hobby you always talked about, it may be time to sell. You can then find a home that suits your needs and the space required for all the family.
On the other hand, the opposite could be true, is your house too big for you now. Children leaving the nest, there is a change in financial or employment status, or a desire for a simpler life. These are some of the common reasons why people look to downsize. If your house is suddenly too large and you find you aren’t using all the rooms, the glorious garden suddenly becomes acres, or you do not want to keep paying a mortgage, it may be time to downsize and look for a smaller more manageable house.
If where you live no longer suits your lifestyle needs because you have bought a boat and want to be nearer the coast or you don’t find the location desirable anymore because possibly you want to be closer to a town and all that it offers, it may be time to move.
There are several things to consider when you start on ‘the journey’ to search for that right house, from which schools to send the children and where the best job opportunities are, to having good options for healthcare, shops, parks, public transport and more, you will want to choose to live in an area that will benefit the entire household.
If you are saying yes to a number of these signs, then it could be a time to sell your home. At the end of the day it could be the best decision for you and your family. A good estate agent will listen to you and advise you of the best outcome. They will be able to help you put together a plan for selling your house and guide you through all the steps you need to take to get your house sold. Contact us here at Chartsedge and we will be happy to help advise you.