It’s the place you've lived for years and, at the time you bought it, your home was perfect for you. Since then, you've grown, your kids have grown, and perhaps the house isn't the same place for you and your family that it once was.
Knowing when it’s time to sell your home is important. Timing is everything when it comes to putting a house on the market. Do it too soon, and you may not be ready financially. Wait too long, and you could end up losing money on your sale. Here are a few tell-tale signs that your home is ready to go up for sale.
You No Longer Love Your Home
It’s completely possible to fall out of love with your home for no other reason than it just doesn't feel like home to you anymore.
Some factors can influence that feeling, like a negative experience you’ve had in the home or that the house is becoming too small to meet the needs of your family. Maybe your home has had a lot of unexpected issues since you bought it, which can quickly turn your feelings against it. Some people just feel like they've bought the wrong home.
Whatever the reason, feeling resentment toward your home is normal in these situations. However, staying in that house will probably only increase those negative feelings until they build up to an unhealthy state.
If the thought of staying in your house for much longer makes you upset, then it might be time to think about packing up and starting fresh somewhere new.
Your Income Changed
Your finances help you afford your home. If they change drastically in either direction (and you plan for them to stay that way for a while), then now may be the time to consider selling your home and buying a place that makes more sense for your income.
First, have you recently cleared your debt? When you clear your debt, you’ll have much more buying power to afford a mortgage with a good interest rate. You’ll likely get approved for a larger mortgage, too, so you may be able to find a home that better fits your needs.
If your income has recently increased and you expect it to continue, then you may also qualify for a larger mortgage to purchase more home.
On the other hand, if your income went down, selling now can help you prevent foreclosure in the event that you can’t afford your mortgage. In this case, it may be time to downsize your home.
Your Home Doesn't Fit Your Needs Anymore
One of the tell-tale signs that it’s time to sell your home is when your life no longer works with the home and and your home no longer fits your lifestyle.
Maybe you’ve had a couple of kids since you bought the home. You thought, when you bought it, your home’s size was perfect. But, as the kids grew, your family outgrew the space. Or, you or your spouse began working from home but you have no space to add on a home office without taking away much-needed space from the family.
Some people also find that, as their kids grow and move away, they have too much space for themselves and would rather downsize to something more manageable and affordable.
Either way, if your home is no longer working for what you need, now may be the right time to sell.
You’ll Lose Money If You Remodel
Your home should be an investment to help make you money, not help you lose money. Even if you don’t ever see yourself moving to a different house, it’s wise to consider your home an investment. This can help you make the most from your purchase if you ever decide to sell in the future.
Has the time come for you to make a choice between renovating your home to make it work with your family and selling it to find something new? First, you’ll need to find out if a remodel will add to your home’s value or waste your money.
If you’re not sure, you should talk to a realtor in your area to find out the value of homes in your neighborhood. If your home’s value is already at the high end of neighborhood values for similar homes, then remodeling will likely cost you more than it will give you as a return on investment.
The Timing Is Perfect
Are people in your neighborhood with similar homes selling theirs for top dollar right now? If selling has been on your mind, this could be just the sign you need to convince you to make the jump because there’s a good chance that you, too, could get top dollar.
Before you jump too quickly, though, do some research on mortgage interest rates. Low interest rates can make it easier for you to sell because more people opt to buy when interest rates are at their lowest. To ensure that you picked the best time possible to sell, make sure that both your area selling prices are high and mortgage interest rates are low.