If you want to decide whether or not to sell your home anytime soon, there will be big considerations to make, significant factors to weigh, and research to be done. Where to begin? Which home selling tips are most relevant to me, my house, and my housing market? Can I even afford a new home? Before your head starts spinning with questions and different directions you could move in — freeze. Focus on identifying the most significant “why?” in your equation. Why do you want to sell your house? Why do you need to sell your house?
Maybe you need a bigger house in the same city for your growing family. Maybe you are dreaming of living in the countryside with more land or you’re moving across the country for a job. Perhaps you’ve got an empty nest, an older home, and you’re ready to downsize in square feet and upgrade in amenities at the same time.
Instead of going for a pros and cons list of whether or not to sell your house, there are better ways to ask yourself questions and make your own evaluation. Start by jotting down all the reasons why you are considering selling your home. Mark all of the reasons as either a “want” or “need”. Organize them into categories such as “time,” “money,” and “circumstances”. If you can figure out what your “push comes to shove” answer is you will be able to navigate all of the steps you need to take to make it happen.
For one thing, you’ll have a better idea of your timeline. If you decide the most pressing reason to move into a larger home is because you’re having a baby soon, you might realize you need to do that before the baby is born, or decide it’s not important till your child starts elementary school years down the line. If you need to relocate for work, do you need to sell your house immediately or do you have some time? Have you considered whether you want to rent it out? If you can’t afford the rising property taxes in your neighborhood, calculate your expected costs for the months and years to come to decide how imminent this move is for you.
Three other factors to consider besides your timeline are cost, location, the condition of your current home.
The Cost of Moving Counts
How much will it cost to sell my home?
Do I have enough equity to sell my home?
Can you afford to do renovation or repairs to make it sale-ready?
Can you sell your home and make a profit to go towards a new home?
How much is your property worth on the current market?
Is Location Truly Everything, To You?
What do you love about your current location?
Does the location of your property have truly unique features or can they be duplicated?
What do you love about your neighborhood?
Are properties available in your price range to purchase in the area you love?
Would you be okay with a neighborhood near your favorite location or do you need to be in a neighborhood within your desired location?
Factor in the Size of the House
Do you need more or less space?
Are you using all of the space you have now?
What would you need to do to repurpose your current space to make it work?
What is the Condition of Your Home?
Do I need to do any renovations before I can put my house on the market?
Is that affordable right now?
What shape is the kitchen in?
Are there any appliances I would need to replace?
If you decide to sell your house, your next question might be whether to buy a new home, an older home, or whether to have one built just for you. Check out this house hunting checklist and find out more about how to navigate decisions about new homes at True Homes.