Because we all have assorted house wants and needs, at different phases in our lives, there is no standard time as to when you should list your home for sale. However, if selling your home is a good financial decision, then you might want to contemplate a move. Read our five economic-based motives for selling your home. If it makes money sense to sell your home, now might just be the right time for you to relocate.
1) You don’t want the financial responsibility of owning a home.
Owning a home is the American dream — or is it? Perhaps you’ve recently had a change in career, employment status, or your children have moved out. Maybe you’d like to reap the benefits of the equity you’ve built up over time. Some people choose to invest their available cash in other areas. Perceptions on home ownership can vary over time, and just because home ownership was the right decision at one point in your life, maybe now it financially makes sense to sell.
2) Your large home is costing you unnecessary expenses.
Perhaps your sprawling home was just the right size when your kids lived with you. Everyone had room to spread out and enjoy their own space. However, maybe you’re feeling less comfortable lately roaming around in all those empty rooms that are costing you big bucks. You’re paying to heat and cool unused rooms, as well as forking out dollars for real estate taxes, home repairs, and maintenance on a large home that you don’t even need anymore. Why not sell your big home and move to a smaller, more cost-friendly abode? A smaller, cozier place with less rooms, fewer repairs, and a manageable yard might better suit your current lifestyle needs and monthly budget.
3) You want to take advantage of low interest rates.
If you’ve been wanting to make a move from your current house, but felt trapped because of high interest rates on home loans, take the plunge when mortgage interest rates drop significantly. By taking advantage of lower interest rates on mortgage loans, you’ll be able to afford a higher-priced home, should you desire to do so. Perhaps you want to move to a smaller, less-expensive home. Again, low interest rates dictate a great time to downsize as well. Whether you buy a higher-priced home or a less costly one, you’ll shell out less money in mortgage interest, throughout the length of your loan, which equals more cash in your pocket.
4) Your home’s equity has grown.
Sometimes it doesn’t take decades to build a sizable amount of equity in your home. It could be that you moved into the least expensive home in a fast-growing, sought-after neighborhood and suddenly your home equity has soared within a few years or even months. Alternatively, maybe you’ve lived in your home for several years and watched the equity build over time, or perhaps you’ve even paid off your entire mortgage loan. Whatever the case, if you’ve been thinking about moving, and the equity in your home has grown to a dollar amount that suits you, it could be a great time to place your home on the market and reap the financial rewards.
5) You’ll soon be living off your retirement income.
Retirement means lots of things to different people. Whether you’re looking forward to spending more time traveling, visiting family, or just playing :), your current home may not work with your retirement lifestyle and/or budget. Unless your home is mortgage-free, you might consider downsizing to a less-costly, low maintenance condo or town-home. You can save on your monthly mortgage, required maintenance, utility costs, and homeowner’s insurance, but you’ll still need to budget for some association dues. Is now the time to list your home and get on with your retirement plans?
Because your home is often your most valuable asset, it’s necessary to periodically re-evaluate its financial picture. After reading this article, does it make financial sense to sell your current home? Take advantage of any sound financial motives you have to sell your home. If you’ve decided it’s a good budget decision to sell your home,
complete our form for a free, no obligation analysis of your home. You’ll be prepared with all the information you need to move forward…..what are you waiting for?
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