Have you thought about putting your home on the market for a while now? It can be difficult to know when it’s finally time to sell your home, especially if you’ve been there for many years. Maybe you know that you definitely want to move, but you’re not sure if you’re better off renting your home instead. On the other hand, maybe the feelings you have are temporary and deep down, it isn’t time to sell. The following signs, however, may indicate that there may not be a better time than the present:
It’s no longer the right choice for you
If you’ve outgrown your home and it’s no longer big enough for you—and no amount of remodeling can fix that or add the amount of space you need—it might be time to sell. It’s unlikely that you won’t need that space for many years to come, and renting it out may not be the best option. On the other hand, maybe you’ve lived there many years and your kids are all grown up and have moved out. Maybe it’s just too much house for you and you’re ready for something a lot smaller. No matter what the case may be, if your needs have changed, it could be time to sell.
You hate the area you live in
You don’t necessarily have to like the area you live in. In fact, any reason in this article could be enough to sell, even if you love your town or neighborhood. But if you absolutely hate it? It could be time to put your home on the market. Renting it out might not make sense if you know, that without a doubt, you’ll have no intentions of returning. You can change a lot of different things about your home, but changing the area you live in is impossible, unless you move.
The housing market is good in your area
If there is a lot of property for sale in your area and it’s been on the market for a while, or you’ll lose a lot of money by selling your home now, you might want to wait it out. On the other hand, if you’ve been wanting a change and you live in an area with a high housing demand, and you’ll break even or make money on the sale of your home, now could be the best time to finally make your move.
You aren’t upside down in your mortgage
The last thing you want is to sell your home and still owe money on it. If you don’t have enough equity in your home, and/or you’ll be selling it for less than what you paid, you may want to hang tight. Your best bet is if your home is close to being or is fully paid off, or if you’re getting a great price for it.
You can afford it
Selling a home and moving into a new one can be very expensive. You have to prepare your home for the sale, which could mean taking the time to seriously de-clutter and organize, especially if you’ve lived in your home for many years. If there are any repairs that need to be done, you’ll want to take care of them before you even put your home on the market. Even minor damage can deter homebuyers, so you’ll want to budget for these projects before you list your home. Then you have to consider the gap between selling your home and buying or renting another. Depending on your timeframe, you may have to juggle two housing payments at once. Even if your mortgage is paid off, you’ll still have other expenses, such as property tax, possible HOA fees, and so on. And of course, there is the expense of moving itself, which can be significant if you have a lot of belongings and/or you’re relocating far.
Whether you’re buying or selling a home, extra cash could come in handy. For example, if your current home needs some renovations before it can be sold, some extra money can be useful for your remodeling projects. If you’re buying a home, you might need the cash for a down payment or to cover closing costs. As an annuitant, you might already have the money you need, but it’s currently tied up in a long-term annuity payment stream. Peachtree Financial Solutions may be able to help get you the money you need and sooner. By selling some or all of your future annuity payments to Peachtree, you can receive that cash sooner and in one lump sum. Contact Peachtree Financial Solutions today for more information and to receive your free quote!
Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.