Tips & Advice
How Do You Know When It’s Time?
You may feel like it’s time for a change, but you may not know why. How do you know for sure? This won’t be an exhaustive list, but we hope it gives you a starting place to sort things out.
There are some broad categories like location, size, and affordability. But some of these need to be broken down into smaller pieces
Lifestyle & Location
Your needs and personal tastes change over time. This was probably a great house for you and your situation at the time you bought it, or maybe you always planned on this being a starter home, a place you could build credit and equity to buy your dream house later. Maybe you no longer entertain guests the way you did when you bought the house, or maybe you’re ready to start.
You bought this house in a location that worked at the time, but maybe you’ve taken a new job and the commute doubled. Moving houses could free up real time in your week. Or perhaps you want to move to change school districts for your kids or you need to be closer to family so you can take care of an aging parent.
There are many reasons to downsize. Kids leave home, people lose spouses to death or divorce, or maybe it’s just more space than you need, and the maintenance is becoming a burden.
Just like houses can be too big, they can quickly feel cramped. People start having children or need extra room for a parent or other family member to move in. Or maybe following the pandemic, you are working from home and need bigger and better-dedicated office space.
You may have seen your neighbors selling for more than you thought they could, and you start to wonder what you would do with some extra cash. Your neighbors’ houses may not be a perfect predictor of your home’s value and sale price, but housing markets around the country have generally appreciated much faster than most of us expected.
You had to qualify for your mortgage when you bought the house, but you may have changed jobs or taken on more expenses as your life situation changed. What was once a very affordable mortgage payment, may have become tighter than you planned, and you may be looking for options to stop stretching every month.
Houses take regular maintenance, and when you’re the owner, it’s your responsibility. Many repairs and upgrades are simple, but others can add up quickly. Major appliances or systems like HVAC can create financial strains. Some homeowners refinance to pull money out of their equity and reinvest it in maintenance to keep everything working and up to date.
As home values increase, so do property taxes. In recent years, the cost of labor and materials for residential construction has risen sharply. As a result, the cost to insure homes has also seen a significant increase. Insurance is designed to repair or replace part or all of your home in case of a substantial loss like a fire or flood. As the cost to repair or replace a home increases, so does the cost to insure that home.
There are many reasons it might be time to consider selling, but that doesn’t mean that it’s time. Instead of letting questions and uncertainty linger, take time to think through these questions. It may help to write out your answers, and regardless of the answers you give, getting a clearer picture of your situation will help you decide and act with greater comfort and confidence.
We understand that selling a house is a big commitment and this can feel like a lot. We’re here to help. If you’d like more information or a chance to ask questions, we have people (real people) ready to answer a call.
