Are you ready to sell your home? Selling your home can be a major life decision. Selling your home will take a lot of time and effort, so you want to make sure you don’t start the process of selling your house before you know for sure if you’re ready for it. Here are 4 questions to ask yourself:
- Have I built up enough equity in this house to sell? If you owe more than your house is now worth, it might be better to wait. Ask a couple of REALTORs® for a Comparative Market Analysis, which will compare your property to similar homes that have sold recently in your area to give you an idea of the potential sale price of your home. Will that price give you enough to pay off your mortgage, any penalties and closing costs?
- Can I afford the costs of selling your home? Getting your home ready to sell and hiring the right people to help come with costs. A REALTOR® will give you an idea of closing costs and a list of repairs and improvements you should make before you list. Check with your bank to ask what your mortgage payout and penalties may be.
- Am I ready to leave this home behind? Homeowners tend to love their homes. Make sure you’re emotionally ready to let go. Hearing feedback from potential buyers as they view your home can be hard not to take personally, unless you have already processed selling.
- If space or functionality is the issue with the house, is buying new the smartest financial move? Sometimes taking out loans for renovations can be a better fit for you than a bigger mortgage. Take the time to get quotes on making changes to your existing home. Even go and view homes that are currently for sale to see if there is a home out there that would better suite your family’s needs. From there you can weigh out the pros and cons of costs, time and effort
If you’re a yes, it could be time to go for it.