Have you been contemplating a change of scenery as far as your home is concerned? Or do you feel like you’ve outgrown your home and need to expand? Whatever the case, below are a few key signs you should sell your house soon.
Signs You Should Sell
You’ve Built Up Equity
Built-up equity is one of the biggest factors in deciding whether it’s time to sell your house and move on. Not sure whether this applies to you? Equity is determined by the amount that you gain or lose if the remainder of your mortgage is subtracted from the current market value of your house.
Ideally, you’ll want to get back enough to cover the costs of your next move such as a deposit, as well as any associated moving costs. If you’re still unsure about this, consult with a professional. Generally, though, if you’ve been paying your house for several years (five or more), you may have accumulated a healthy sum of positive equity.
You’re Financially Ready
Another of the signs you need to sell is the health of your finances. For example, if you’re moving to a bigger property, can you afford the mortgage payments? There are also the moving costs to consider. If you put down a deposit and take on a new property, will it stretch your finances to the limit? Before you take that next step, make sure you’re financially ready as there are costs that can quickly add up before you know it!
You’ve Outgrown Your Home
Finances aside, another reason for deciding to move is that you’ve outgrown your home. This could mean literally—as in your family has grown and you need more room — or it could be that you’ve outgrown the home emotionally. Whatever the case, it’s a good idea to assess your current circumstances and figure out what you need.
The Location No Longer Suits You
Over the years, our tastes and interests change. This also applies to the area where you live. Perhaps you bought your current house because it’s in a buzzing area of the city, but over time, you have a stronger desire for nature and quieter spaces. Or maybe you moved to your current location for a job or your kids’ school, but you no longer need to live there. If this is the case, it’s a signal that it’s a good time to move because the area no longer suits your lifestyle.
Market Conditions Are Good
Another good reason to sell up and move up is if the local market is in good shape. Perhaps you saw your neighbor fetch a good price for their house or you’re aware that market conditions have swung in your favor. If that’s that the case, you have a few options. You may want to sell, or you could rent it out and get a property management company to look after the lettings for you.
You Want To Move
At the end of the day, deciding to move all depends on if you and your family are ready. Do you feel like it’s time for a change? Do you have a yearning for a different type of home and neighborhood altogether? Moving is a big decision so before you get the ball rolling, make sure you’re physically, emotionally, and financially ready.