Selling a home is a major life decision and not one to be taken lightly. However, changing circumstances may signal the need to move out of your beloved home.
Here’s how to decide that it’s time to sell your house.
Your Family No longer Fits
Your two-bedroom starter home may have been perfect for a young couple with a baby, but now that you have three children, space is a little tight. Or maybe an aging parent has moved in with you. If your closets are overflowing and you’re constantly bumping into other family members, it might be time for an upgrade.
Your Lifestyle Has Changed
You’ve landed your dream job but it’s in a completely different city. Or you want to like in a walkable community where it’s an easy stroll to parks, grocery stores or public transportation. Perhaps your kids are now of school age and you want to move to an area with excellent public schools.
It could also be that your kids have flown the coop and are now happily ensconced in their own houses or apartments. Suddenly, your five-bedroom home feels too big for just two people. You might be nearing retirement and you don’t want to spend a lot of time cleaning your large house and yard. Maybe you’re looking for a comfy home with a master suite on the ground floor so that you no longer have to climb the stairs.
Your home should reflect your lifestyle. Once your needs have fundamentally changed, it may also be time to change your home. Think about living in a place that will satisfy your family’s needs, including finding a neighborhood where you can happily settle.
You’re Financially Ready
Have you lived in your house for at least five years or even more? Try subtracting what’s left of your mortgage from your house’s current market value. If this amount is positive then you’ve got what’s known as positive equity. Coupled with good savings, this might be enough to let you purchase a new home.
Remember that selling your house and buying a new one will entail shelling out a deposit, as well as moving and closing costs. If your current home needs to be whipped into better shape before you sell, you’ll also need to set aside some money for repairs. Think twice about selling your home if your expected profit doesn’t cover all of these costs.
You should also be debt-free and ideally have around three to six months worth of savings before you apply for a new mortgage.
If your financials are rosy, that’s definitely a sign that you can afford to sell your house.
If you’ve ever asked yourself, “How can I sell my house fast in New Jersey?” then make sure to get in touch with local real estate expert Colleen Meyler. Her professional guidance will allow you to sell your house in no time. With over 30 years of experience in the New Jersey real estate market, Colleen is the local expert you can rely on for all your home selling needs. Contact her today at 732.995.5102 or ColleenMeyler(at)gmail(dotted)com .