Home is where the heart is. It is one of your greatest, if not your only, possession and asset. Sell your home at the right time, and it will generate your equity and add value to your investment. Sell your home at the wrong time and it could trouble you for the longest time. If you have been flirting with the idea of selling your home, you should consider the following signs to determine your decision of selling your home.
Also Read: How To Prepare Your Home For Sale
Your home is your safe space but what if space isn’t enough? Necessities shift dramatically when families grow. From wanting a bigger space for growing kids to a neighborhood with schools at accessible distances, change of space is what drives humans to alternative housing options.
Shift in Lifestyle
While shifting to bigger spaces makes a fair percentage of shifts in lifestyle, it is not limited to it. Maybe you need a home closer to your office, or maybe you want to embrace suburban tranquility. If your life has fundamentally changed from when you bought your home, it is time you should sell your home for a better option.
Equity is the difference between the value of your home and the home loans that you opted for while buying the home. Let’s assume your loans sum up to 20 lakh, while the value of your home is worth 30 lakh. The difference of 10 lakh is your equity.
If the difference is a considerable positive, it is the right time for you to sell your home.
If the equity is enough for you to sell your home and move ahead with other related costs of selling a home then it is the right time for you to sell your home. In case, you believe that the equity might not be enough or the value of your home is bound to increase over a few years then putting your idea to sell your home on hold is the best option.
Affordability and Patience
The first thing that sellers think of when they plan on selling their home is their Return on Investment. But there is more to selling than ROI. From hiring a Real Estate Agent to making changes to attract potential buyers and better returns.
Moreover, selling a home is not quite the cakewalk that it seems like. If you are planning on selling your home in a couple of months, it might call for you to rethink your decision. Since selling a home takes longer than that, the chances of you hitting the bullseye in the first attempt are not highly favorable. Hence, you will need ample patience.
Contrary to a popular belief, studying the market is not just limited to buying properties. You are ready to sell your home if you are aware of the market. This includes knowledge of your local Real Estate Market along with identification of the target audience. A healthy sign that it’s time for you to sell your home is if someone in the neighborhood was able to place the right price for their home on sale. Studying the market not only involves knowledge but persistence. Maybe your home is worth it right now, maybe it has the potential to grow and is worthwhile.
Selling your home is a roller-coaster of emotions. After all, it is the place you grew in unexplainable ways. Being emotionally prepared to move on and let go of your home is a vital step. To sell your home can be quite a tedious task if you are emotionally under-prepared.
That said, selling your home is an experience of its own. From selecting the home for yourself to giving it away to a potential buyer that you believe would take good care of your home. If you believe that you are ready and match the signs as said above, then wait no longer until the market prices fall!