Most people don’t plan on living in their first or even second home forever, but knowing when it’s time to move on can be tricky. Sometimes life circumstances force the issue such as a new job or expanding family, but without a pressing reason staring at you in the face, the right time may become ambiguous. Follow these seven suggestions to know whether or not it’s time to list.
- You’re cramped and can’t add on
Whether it’s your family that continues to grow or if it’s your lifestyle, chances are your home will stay the same size. Perhaps you’ve tried consolidating rooms or packing up unwanted knick-knacks, but are still struggling to find enough space to grow into. You might decide to finish an attic, basement, or add a new story or extension. However, those options may not be plausible. Whether it’s your municipality that’s stopping your renovation or you simply have no more property to expand into, it might be time to start looking for a larger home. It’s important to note you should be wary of additions or changes. Certain renovations won’t increase home value. You don’t want to make expensive modifications that barely bring in a return on investment.
- There’s too much empty space
Especially true for empty nesters, it might be time to downsize. If you’re feeling overwhelmed with space and are struggling to decide how to fill vacant rooms, start thinking about selling. Saying goodbye to a home that you’ve raised your family in can be difficult, but it’s important to consider how feasible it is to stay. If yardwork and other general upkeep are getting to be too much, or your utility bills are pricey, moving makes the most sense.
- You’ve outgrown the neighborhood
Does your neighborhood have a pricey Homeowners Association that has rigid rules? Did noisy neighbors move in next-door? Whatever the reason may be, neighborhood dynamics can change drastically over time and sometimes, you can change over time too. Perhaps the long commute to work no longer suffices, or your kids are now getting older and the location doesn’t fit your lifestyle anymore. Either way, moving to benefit your family or lifestyle is a perfect reason to list.
- You have enough money to sell
Selling your home can be a lengthy process, and to get top dollar it’s important to remember you have to spend money to make money. Before you sell, you should always have funds available to prepare your home for the market. Of course once you sell you’re going to make money, but most sellers need to make minor improvements. Whether it be painting, landscaping, updating the floors or fixing a leaky roof, those costs come out of your pocket upfront. It’s always a good idea to have a financial cushion to start with.
- Remodeling won’t offer a return on investment
Giving your kitchen, bathroom, or bedroom a face-lift may make your home feel new again, but it doesn’t necessarily mean those changes are financially sound. Before making improvements study your neighborhood. Find out the highest price point of other homes and how yours compares. If your home is a similar style and condition of the pricier homes, remodeling might be a waste of money. You should consider selling instead.
- You’re prepared to enter the market
Perhaps it’s a sellers’ market and now is the best time to sell your home. You know you will be receiving multiple offers and will receive top dollar. On the other hand, it’s important to remember that if you’re selling your home, you’ll probably be in the market to purchase a home as well. This means you’ll be competing with other buyers in the market. Keep in mind while you may get top dollar for your home, you will also be paying top dollar for your next home.
Get a REALTOR’S® Advice
If you’re on the fence about selling your home, it would be beneficial to speak to a real estate agent for professional advice. They can help you weight the pros and cons of selling your home: whether an addition will increase the property value or if it’s a waste of money, how much other homes are going for in your neighborhood, and if that new bathroom really is worth it.