Buying a home is a huge decision. So, deciding to sell that home – you know, the one you spent forever searching and saving for – well deciding to sell it may be an even bigger decision. So, before you answer the big question, “Is it time to move?” ask yourself these 3 questions first.
- Is your current house meeting your needs? Be honest. We’d all like a bigger kitchen or an extra room for the occasional guest, but do you need those things? If the answer is no, then you should probably hold off on putting that for sale sign in your yard. But, if you’re about to have another kid and you can’t find the space to put the baby, well then, your house isn’t meeting your needs. Needing more space is a legitimate reason to move, and so is the opposite.
- Are you finically prepared to sell your home? I know, you’re thinking “I’m selling, not buying. This is going to make me money.” But no matter what you plan on doing, renting, subleasing, or buying, you’ll need money in the bank and low debts. So, until the answer to this “yes,” hold off on listing your home. You’ll save a lot of headache by being a money-smart home seller.
- Is equity on your side? If you’re buying a new home this is especially important, because it will go to buying your next house. The more equity, the better, and it increases with the value of your home and as you pay off your loan. If you don’t know what the equity on your home is, ask a realtor! We can help with these kinds of things. And if you want to know the value of you home visit here.
So, if you decide now is the time to sell, congrats!