Being able to decide when you want to move, has it perks.
The beauty of having a choice means that you can wait until the time is right for you.
But how do you know when that is? Here are some signs that it might be time to go.
Your current home no longer fits your life
Growing families shrink houses (not really, but it feels that way). The home you bought ten, even five years ago suddenly seems smaller once you add kids to the bedroom equation. Blended families and those who care for elderly parents or special-needs family members can face the same shrinkage problem.
You make do for a while, but there comes a point when living in a too-small house, must stop.
The reverse is true, too. Folks whose teenagers have flown the coop for work and college, find themselves hearing echoes in their four-or-five-bedroom home. Plus paying the same heating and cooling bills.
Then there’s the maintenance issue. Even if you’re not living in a cavern of a home, you might be done with constant repairs and maintenance of your house and lawn. A new townhome in a neighborhood where all exterior maintenance gets done by someone else, might be the answer.
Either way, it’s time to downsize, upsize or seek an alternative.
A robust real estate market beckons
And you want a piece of the action.
This can be a good impetus to move as long as you have a game plan for your next home. It’s a bit risky to play a hot market, then wonder what you next move will be.
Home-building and buying statistics have been elevated in many U.S. markets during recent years, and your neighborhood and region might be one of those where the housing demand could be rewarding.
But do your homework. When neighbors go to market with their homes, find out what they get and how long it took. Seek an experienced real estate agent who knows your area well.
And price your home competitively. Don’t ask for more when no other home that resembles yours is selling at that price.
You can sell without penalty or for profit
This one’s tricky because everyone’s financial situation is unique.
The easy version is that if you’re paying a mortgage, you need to have lived in your home long enough to have equity in it. You don’t want to owe more than your home is worth.
The other caveat is that you do want to make money. The selling and moving process costs money. You’ll pay a lot of taxes and fees, which you can anticipate with good planning.
Barring emergencies or untenable living circumstances, it’s best to build on your investment before you plan that For Sale sign.
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