Whether it’s a growing family, a new job, or even considering a downsize, there comes a day when we might start to wonder if the home we live in is the right one for us.
Deciding to sell your home isn’t always straightforward. Especially if you love the area, you live in, and you already think your home is beautiful.
You might have spent years working on the house to make it reflect who you are, and now, you aren’t sure if the house can fit your lifestyle anymore.
But, is it really time to let go and move? Or could there be other options for you?
Do You Have Enough Space?
When we buy houses, we don’t always think far enough into the future. If we have a new partner and we are looking to buy our first home, then we might consider young children.
We might not think about the reality of teenagers and the amount of space we need.
We also don’t consider changes to work situations. A promotion might lead to a job offer in a different state or a different country.
Update and Add On
Before you decide to sell your home, you should draw up a plan with all your options. Perhaps you could rent your home but keep it as an asset, using the value of this property to help you secure a loan on another home.
Maybe you could extend the property, adding an extension to the kitchen or even a loft conversion – this would increase your space and the value of your home.
List down all the options that could mean staying in your home, and also think of all the reasons it might be best to leave.
You also need to consider timing. Selling your home when the market is weak might mean the property you want to buy is cheaper, however, your home will also be worthless too.
So there isn’t really much difference when it comes to the changeover.
Of course, it could lower your mortgage costs if you buy a larger home when the market is weak then you might find you have more chance of securing a loan at an affordable rate.
On the flip side, selling your house when the market is strong also comes with pros and cons. You will get more money for the house you are selling, but mortgage rates tend to be higher, and your upgrade home will also be at a premium.
Finding the right time to sell your home is tricky. So it’s worth getting some advice from the professionals. This may include an architect if your decision is based on the space, or it might be a financial advisor who can work through your finances and advise you of your options.
Talk to your family and friends and make sure you have considered every possible outcome before making the decision; this way, whatever choice you make will be the right one for you.