You may be thinking that you need to sell your home and buy a new one.
Before you chalk it up to “the grass is greener” syndrome, examine your situation. There are many valid, relevant reasons to put your home on the market and jump into the home-buying process. Here are six clear signs that scream “It’s time to sell my house!”
Your home’s size isn’t working for you anymore
Many things could have changed since you first bought your house. You might have gotten married, had children, added new hobbies, or just decided you need more room in general. Your current property might lack storage space, room for an office, or large bathrooms. All of these are signs you need to sell your home and upgrade.
On the other hand, you might have a need to down-size after your kids have gone to college or moved out. You may feel like you’re banging around in a too-large space with empty bedrooms and unused areas in your home. Now maybe the time to sell and buy a smaller home or condo that feels cozier and more intimate.
It’s a seller’s market
If you are thinking “I want to sell my home fast” then a seller’s market is a perfect time to do it. A high return on investment on your current home might give you the means to pay off debt, finance your children’s education, or help you retire early. If homes in your zip code are moving fast, it’s a sign you should sell.
Your home’s upkeep is killing you
Did you purchase a fixer-upper thinking you would do most of the work yourself, and then end up hiring it out? Or has your home been hit with one costly repair after another? If your house is eating up your cash and breaking your budget every month, it’s is a sure sign you need to get out from under it and find a different, less expensive place to live.
A good rule to follow is spending more than 25% of your income on home-related expenses is too much. Determine how much your home’s upkeep is costing you and use that information to decide if it’s time to sell.
Related Read: 5 Best Home Improvements for Your Money
Your neighbors just sold their home and made bank
When deciding to sell your home, timing is critical. The same home may either spur a bidding war or sit on the market for months without much interest. It all depends on when you decide to sell it.
One of the best ways to measure how much your house will bring is by looking at the recent properties sold in your area. If one or more of your neighbors have sold homes that are comparable to yours for a high price, chances are good you can sell yours for a premium amount, too. Check out recent home sales close to you to see how the prices are trending.
A remodel won’t raise the value of your home
Some neighborhoods are not going to increase much in value no matter what the homeowners do to their home. Even expensive renovations won’t break the “price ceiling” some neighborhoods impose.
If you’re living in a house that needs remodeling but know you won’t get your investment back, it’s time to consider upgrading to a home that already offers the amenities you want.
Your children are starting school soon
Your address determines where your children attend school unless you’re going to send them to private school. Living in a school district that is unsatisfactory is a prime reason to put your house on the market and move to a more attractive location.
Parents may also want to keep their children in the same school system they start out in for consistency in environment and friends. If that’s your case, you need to think about whether your current home is going to meet your needs for ten or more years. If it won’t, the time may be right to sell your home.
It’s natural to feel sentimental towards your home. This makes selling and moving out an emotional decision. That doesn’t mean that you should stay in your current home forever. You and your family may end up being much happier in a different house. If you’re seeing one or more of the above signs, it could be time to list your home for sale.