If you’re wavering on selling your house, you certainly aren’t alone. Selling your home is one of the most important business deals that people make in their lifetime. As such, it isn’t any wonder that some people procrastinate over putting their house on the market, are nervous, or find numerous excuses for dragging their feet. However, now could be the right time to sell your home, and we’ve outlined some of the reasons why.
1. Financial Constraints
Money is a common motivator for deciding to sell a home. Unfortunately, people fall into financial difficulties for countless reasons, many of which are outside of their control. The pandemic has shown how fragile careers, budgets, retirement funds, and savings plans can be when unforeseen disaster strikes. If you have notable equity in your home and cannot refinance your mortgage, you might want to consider selling and making a fresh start before the choice is out of your hands.
2. Repairs and Maintenance
Does your current home need a new roof or other costly repairs? Unless you intend to stay in your house long term, then it might be best to sell your home rather than undertake these expensive restorations. It is possible to sell a house in as-is condition with a real estate investor, which is often the easiest and quickest option. As such, you won’t need to make any repairs, and you won’t need to pay any real estate fees or commission on the sale.
It might seem humorous, but boredom is a common reason for selling a house. Some people are naturals at DIY, and once they have hammered in the last nail on their final project, they aren’t comfortable with having nothing left to do. If this sounds familiar, then put your hard work to good use and reap the benefits by selling your house at a profit. You can then tackle another home in need of an update and start the process once again.
4. Expanding Family
If you have another child on the way and your current place is far too cramped, there’s no time like the present to sell your home. No one wants to be packing up late into a pregnancy or with a newborn, so now is the ideal time to find a new zip code before those nesting instincts take over. You can then be unpacked with your feet up when it matters most.
5. Working from Home
For many, working from home often means clearing a section of the dining room table and making do with limited resources. However, if remote working has become a long-term arrangement, or you are starting a new home-based business, then finding a new space that is more beneficial to a work-life balance will be a priority and an excellent reason to put up a for-sale sign on the lawn.
Spending more time working on your hobbies might be more conducive in a different neighborhood or a home with a larger garage. Studies have found that people with fulfilling hobbies have better overall health and life expectancy, so it is undoubtedly worth prioritizing.
7. Empty Nest
The charming four-bedroom house with a sprawling backyard and white picket fence was ideal when the kids were small. However, once the last child leaves the nest and you are still mowing the lawn and vacuuming multiple bedrooms, you may start to wonder what it is all for anymore. A smaller home requiring less maintenance and being within proximity of cafes, shops, and hospitals is much more enticing the older that you get.
Budgeting for a mortgage as a couple typically involves feeding into it from two salaries. In the case of a divorce, homes often need to be sold if one person can’t cover the full expense. In addition, a house that was initially purchased and came with big dreams for a loving future might not be where either party is keen to see out their days. A new relationship status often results in an updated address.
People often forget that a death in the family is a common reason for selling a home. Those that inherited the house might rather see the financial gain than moving into the empty space. Holding onto a vacant house is costly, with insurance, utilities, and maintenance expenses that need to be met. Conversely, you might have inherited a dream home, and now it may be time to finally sell your own.
10. Neighborhood Changes
Real estate listings often have links to neighborhood statistics such as crime rates, average household income, and school district catchment areas. If your neighborhood has seen a surge in crime or a sudden change from rampant construction, then it might be the encouragement you need to move finally. On the other hand, if gentrification has pushed up the value of your home and your taxes, then you might want to cash in and move further afield.
11. New Job
You’ve landed your dream job, but it’s in another city. If commuting is unrealistic, then it is likely time to put your home on the market. A new job in a new location brings forth a world of opportunities, and hopefully, a higher salary means that you can find an address that makes you excited to come home every night.
12. Closer Family Ties
Living in another state or far from your immediate family is an adventure when you’re in college or starting off with your career. However, when children come into the picture or when parents show noticeable signs of aging, then the distance can seem unnecessary, nerve-wracking, or cumbersome. Spending more time with loved ones might take some adjustment, but we think it is an excellent reason to finally sell your home.
There is a myriad of reasons why now could be the right time to sell your home. Mortgage rates, home prices, and pets are three more reasons that have been voiced about why some people finally decide to take the leap and sell up. However, once you make the decision and set your mind to it, we are confident that you’ll enjoy what your journey has in store for you.