The majority of people today do not purchase a home with the intention of living in it forever anymore. However, knowing when it comes time for them to sell doesn’t always present itself very clearly. Occasionally a life changing event such as a job relocation or a growing family with a newborn baby will help you decide. Without any pressing issues you may need to assess for yourself if it is time to move. Here are some signs that can assist you with your own situation.
You’re feeling cramped, but cannot add on
Feeling that you are outgrowing your home doesn’t necessarily happen if you have an extra child or your partner moves in. Perhaps you are working from home now and are in need of an office space and simply have a need for more room. If rearranging your home and decluttering hasn’t worked, consider finishing off a basement or attic. Check your local building laws to see what your options are.
You have too much space
Although it sounds odd at first, sometimes one can have too much space. Perhaps your kids have grown and moved out and you are left with a large home that you have to heat and cool. It can be emotional to sell, but be sure to do an assessment of costs to maintain to see if it is worth staying or moving.
You have outgrown the neighborhood
Maybe the current homeowner’s association is limiting you or perhaps the neighborhood has changed since you first moved in. You may have a new job and now have too long of a commute to say in this location.
Remodeling won’t pay off
Some enhancements like the remodeling of a kitchen can increase your home’s function and aesthetics, but aren’t necessarily always a good financial decision. Check the local properties in the area. If these properties are already valued at what you hope to list yours at but they are more updated, you may want to look at selling instead of investing more money into your home.
You can afford to sell
Although you may be in a position to make money on the sale of your home, you may have to put some money into it as you prepare for a sale. Most sellers, especially those who have been in their home for many years, will need to make some improvements such as painting, flooring and the like. You will need to pay for these items out of your own pocket so be sure you have funds available before you begin.
You are ready to compete
Many areas in the country are currently seller’s markets. This is great for you to be selling your home in, but don’t forget that you will also be a buyer in this competitive market as well. If you are definitely staying in the area, be prepared for the challenge as well as potentially spending more money to get the home that you want.