Most people don’t plan on living in their first (or second or maybe eventhird) home forever, but knowing when the time is right to put that baby on the market can be tricky.
Sometimes life changesforcethe issue: There's little reason for self-doubt or trauma-level angst if you’re relocating to another state or you know your newborn twins won't fit in your one-bedroom bungalow. But without a pressing reason staring you in the face, it can be hard to know when you’ve outgrown your home.
1. You're feeling cramped, and you can't add on
Your family might not be growing, but that doesn’t mean your lifestyle still fits in your current house.
But before you jump to conclusions, see if paring down your possessions works to free up some space.
Another option might be to finish an attic or basement, add another room, or even add a whole story to your home. But, of course, that won’t work for everyone.
To decide which route to take, check your local building laws and get estimates from two or three contractors. It also wouldn’t hurt to check with your Realtor®. Sometimes adding on won’t increase the value of a home, and you don’t want to make big-time improvements that will bring only a small-time return on your investment.
2. You havetoo muchspace
On the other hand, perhaps you're feeling overwhelmed by vacant rooms and silence. (Hello, empty nesters!)
In this case, it no longer makes sense to have, say, four bedrooms and a basement.
Saying goodbye to a family home can be difficult, but you should consider how feasible it is to stay. If yardwork and house upkeep are getting to be a little too much. It might make more sense to move.
3. You're over the neighborhood
Maybe you can no longer deal with the rigid rules of your homeowners association, or perhaps your neighbors changed, neighborhood dynamics can change dramatically over time.
And sometimes,youcan change. Maybe the 40-minute commute to work didn’t seem like such a big deal the first few years, but now you’re dreading it every day. The kids are getting older, which can be a big problem if you’re not in the right location.
Moving may be a benefit to your child's education also.
4. Remodeling won't offer a return on your investment
Giving your kitchen or bathroom a face-lift can make your house feel like new again, which might be all you need to decide you want. But that doesn't mean it's a financially sound decision.
Before making significant improvements, you should really study the neighborhood and know the highest price point of your neighborhood.
If your home is already similar in style and condition of some of the priciest homes in the neighborhood,remodeling might be a bad idea, and you should consider selling instead.
5. You can afford to sell
Sure, you’re going to make money when youactually sell your house, but as the adage goes, it takes money to make money. So seller beware: You probably won't be sitting around and waiting for the dollars to roll in.
Before you consider selling, you should have the funds available to prepare your home for sale.
Most sellers need to make some minor improvements such as painting, landscaping, or updating flooring to get a good price on their home. Those costs will come out of your pocket at first, so it's a good idea to have a cushion before you start.
6. You're ready to compete
If you'reliving in a seller's market, you might be enticed to offload your home before things cool off. But don’t forget—once you sell, you’ll probably be a buyer, too.
If your market is hot, your home may sell quickly and for top dollar, but keep in mind the home you buy also will be more expensive.
With approximately 50 years combined experience, Guest Group brings a wealth of varied experience in both Residential and Commercial Real Estate.
We are loyal, ethical and very dedicated to our clients. We give exceptional service and continue to have our clients for life. We compliment each other and understand the Real Estate Industry and the Local Market.
We have strong negotiating skills and transaction servicing that will ensure you of a successful real estate experience.