Your home is not only your most valuable asset, but it also carries a ton of emotional baggage. Unlike stocks, it’s not a simple matter of buying low and selling high. Selling a home is more of a lifestyle decision than a financial one. So, how do you know when the timing is right? In this post, we’ve curated the top signs that indicate it’s time to sell your home and move on!
1. Your Family’s Needs Have Changed
It’s common for young families and first-time buyers to purchase a small starter house. With new additions to the family, like children and pets, there might be a chance that your home no longer suits your family’s needs. For example, your kids may have to share a bedroom, or you find guests camping on the living room couch.
The reverse is also true. Once your kids leave the nest, you might find that you have too much space. In this case, it’s common for retirees to downsize their property and move into more compact and senior-friendly homes.
2. The Market Is Right
Before selling your home, it’s a good idea to study the market. Check if the current trends point to a buyer’s or seller’s market in your neighborhood. Take advantage of a seller’s market as you can sell your home quickly and for top dollar. Another idea is to find out the estimated value of your home and see if it makes sense financially.
Some key factors to consider include:
- How fast are homes selling in your neighborhood?
- What price are they selling for in the current market?
- What are the trends in the local market?
3. It Costs Too Much to Maintain Your Home
If costly repairs keep coming up and you feel like you never get ahead on house maintenance, maybe it’s time to sell your home and move to a new property. The average homeowner spends approximately $2,000 on routine maintenance like septic service, snow removal, recycling, house cleaning, and landscaping.
If you’re spending a lot more than this average figure, it’s okay to let go and start looking for another home in your neighborhood. It often makes financial sense to cut your losses and sell a house fast in Houston instead of pouring more and more maintenance money into it.
4. You’ve Built Up Adequate Equity
Equity is a crucial factor to consider when deciding to sell your home. Real estate experts recommend that you live in your house for at least five years before listing it on the market to ensure that you’ve built up enough equity. Selling too soon can cause you to lose money because of the closing costs and outstanding mortgage. So, if you’ve hit that five-year mark and looking for a change, then it’s another good indicator that it’s time to sell.
5.A Renovation Doesn’t Add to the Property’s Value
If you’re thinking of remodeling your home to suit your changing lifestyle needs, first check whether the renovation pays off in the long run. If your home fetches a reasonable price right now, it makes more sense to put off the renovation and use the funds to purchase a new property instead. It is also worth researching what type of remodels have the best return on investment.
Watch Out for These Telltale Signs
Ultimately, the decision is up to you. Analyze your finances and lifestyle to decide if selling your home right now is a good move in the long run. If you’re not ready to sell the house but are looking to purchase a new home, you can consider renting out your old property. However, if you’re looking to make a quick sale and raise money from your home, you can consider selling to off-market buyers.
Reach out to Move On House Buyers, one of the best cash home buyers in Houston. We buy houses in Houston in any condition and pay a fair price. Contact our team to get a free estimate of your home’s current value.