There are many reasons to sell your house. You may be looking to downsize for retirement or because your kids are off to college. You may be thinking about upgrading because you have a baby on the way. No matter what your reasoning is, selling a home is a big decision, one made even more difficult if you’ve lived there for a long time and your home is filled with happy memories.
So how do you know if you’re really ready to sell your house? Here are some things to consider.
Do you have equity on your side?
This is your most important consideration: equity. Basically, is your home worth more than you owe on it? You almost never want to sell your home when you have negative equity. Depending on which market you live in and the particulars of your home, your home has likely been increasing in value over the last several years due to high demand and low inventory. If equity isn’t yet on your side, you may want to wait.
Take your latest mortgage statement and ask a real estate agent to riun a comparative market analysis for an estimate of your home value. Subtract your mortgage balance from your home’s estimated market value, and you’ll arrive at your equity.
How’s your debt?
If you’re debt free and you have cash in the bank, you’re likely ready to sell your house. Take a hard look at your finances and be sure to include every debt to your name, from student loans to car payments and everything in between.
Does your current home meet your needs?
If you can afford to purchase a home that better fits your lifestyle, you should. If you can’t, keep saving. There’s no reason to sell your home until you can actually afford the upgrade or downsize you’re in the market for.
Can you afford the move?
This is often one of the last considerations, but it shouldn’t be. Moving costs a lot. Getting your home ready to sell for top dollar costs a lot, and you can’t skimp. Work with your agent to add up all the extraneous expenses you’ll incur in order to sell your home.
Ready to Sell Your House? Choose Lakeside Title Company
Lakeside Title Company helps buyers and sellers achieve the dream of home ownership the easy way — with a smooth, simple real estate transaction free of delays. Take a look at our services and contact us to learn more.