Deciding to sell your home can be a monumental life decision, and it’s one that shouldn’t be made without plenty of thought. Of course, there are plenty of reasons that drive you to the decision. You may be offered a new job out of town, your kids may have left the nest and there’s just too much room, or maybe you’re just looking for a life change.
But before pulling the trigger and putting your house on the market, here are some questions you should contemplate.
Do I really want to move? Remember, this is a big decision and one that you can’t really reverse, so ask yourself what you’re really looking for.. You may be bored with your life and looking for a major change, but moving may not be the answer. Make a list of the reasons why and consider the pros and cons of a change. Make sure you really think about what moving means and how it will affect your life going forward.
Is a move necessary? Are you being relocated by a job? Have you met the man or woman of your dreams on the other coast? Can you no longer afford to make your mortgage payments? These are all valid reasons, but be sure to consider all the possibilities. For instance, has the business seen a lot of turnover, which means you might not be happy there? Have you ever spent time with this “soul mate” outside of the “honeymoon” phase? And if it is financially based, have you looked into refinancing? There may be better options other than selling, such as renting.
Should I rent? Maybe you aren’t completely convinced that moving is what you want to do. If this is the case, consider renting out your home for a year so you can continue to pay the mortgage and see where your life takes you over the next 12 months. You might decide that you miss the neighborhood and the closeness to the city or suburbs, and you’ll want to go back—which you can do in this scenario.
Is now a savvy time to move? Make sure to research the housing market in your area and check to see what houses have been selling for and compare comps to previous months. Maybe time isn’t so much an issue for you and you can afford to wait if the market isn’t to your liking.
Make sure you have all the answers you need before making this decision, and if you decide to go through with it, contact me for advice on how to successfully get your home ready for a sale.