Few homeowners today find their forever home on the first try, but after you’ve moved into a home that you don’t love, it’s often difficult to decide whether to sell or stay. Ask yourself these questions to determine when selling your home makes sense.
Is my house cramped?
Living in small spaces is great until the small spaces become claustrophobic. If adding on is not feasible, and if you’ve pared down your possessions and recycled everything you could, and you still have no room to breathe, then it’s time to sell.
Have your kids moved on and taken furniture with them? Have you changed your lifestyle and no longer want that old in-home gym? There is such a thing as having too much room, and it can be as uncomfortable as too little space. If your oversized home also includes a large lawn that you no longer want to spend time or money to maintain, or if you simply have too much space for your own good, then it’s time to consider selling.
Can I afford to sell?
If you notice that comparable homes in your neighborhood are going on the market and selling quickly for more than their last purchase price, it is tempting to sell. But before you place a property on the market, determine how much money it will take to get your home market ready. Basic cleaning and sprucing are a must, but so are more costly maintenance and repair jobs that a buyer will insist on. If you believe your home can still turn a profit after repairs and improvements, then you can afford to sell.
Will remodeling be profitable?
Investing a significant amount in an existing home to get that dream kitchen may be an unwise financial decision if similar upgrades have been made in none of the other homes in the neighborhood. It may be smarter to invest in preparing your home for sale and finding another home with all the features you are looking for.
Is my location right?
If you bought your current home for good schools but the kids are grown, take a look elsewhere. Do you want a home that limits your commute, or one that is more rural than suburban? What worked well for you and your family 15 years ago, may not work well now, and selling may be the first step to a location that is a better fit.
If your home requirements have changed, and it makes financial sense, sell your current house and find one that you can love.