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How To Know It is time to sell your house – 5 signs

August 18, 2022

How To Know It is time to sell your house – 5 signs

Selling your house is a major decision. This decision can be difficult, perhaps scary.

You may be too emotionally attached to your house that selling it never becomes an option.

On the other hand, you may want to sell your house but you are not sure you are on the right track.

We’ve put together 5 signs that it is time to sell your house.

Your home isn’t the right fit anymore

Newly married couples in Ghana may resort to buying a house that suits their present needs.

However, additions to the family like children, relatives or pets may cause overcrowding in a home that was once suitable.

If this is your present situation, consider opting for a larger house.

In another case, you or a member of your family got a good job in a new location far from home.

Can you handle the daily commute to work? The decision to move closer to your place of work will save transport costs, time and stress.

When your young child is of age, it is understandable that you want the best education possible.

While you consider this, it is important to also consider the location of the school. The best schools may be far away from your home.

This can be a sign to sell your house and move to a location where you can easily access a school that suits your child’s needs.

You want to move to a better neighborhood

A neighborhood you once found appealing now displeases you because you or the neighborhood has changed. This could be because:

  • Your present location now bore you and you need a change.
  • Your lifestyle has changed and the neighborhood no longer suits you.
  • The neighborhood no longer exudes the peace and quiet you once enjoyed when you first moved in.
  • There are new restrictions that you dislike.
  • The neighborhood is no longer safe for you and your family.

If any of these reasons affect you, then it is a sign that you need to let go.

The local real estate market is booming.

Do you want to make a profit on your current house?

Consider selling your house when the real estate market is hot with an increase in house demand and a decrease in supply.

You can take full advantage of the market even if you do not have plans of selling yet and make tons of money.

This is effective when you have paid off most of your mortgage dues and have good equity. Equity is simply the money left after you subtract a mortgage loan on a house from the value of the house.

A good knowledge of the market is needed to ascertain when the market is booming including the best time to sell your house.

If your knowledge of the real estate market is limited, talk to a real estate agent to educate you on market trends.

A real estate agent will help you determine the best time to sell your house.

Here’s a noteworthy fact to keep in mind. Be sure you have an alternative arrangement for lodging when you sell your house so you won’t spend more money on hotels except you can afford to.

Cannot keep up with home maintenance

Home maintenance projects may begin to take a toll on you especially when there is always something in your house that requires fixing.

It could be a crack on the wall, a plumbing issue, leaking roof, etc. these repairs incur costs. When they occur frequently, it can be difficult to keep up with.

Choosing to forgo these repairs to save money will cost you more in the long run.

If your house is costing you so much money to constantly repair, it will be advisable to sell and buy a house in better condition. You will save time, energy and resources in a house with lesser maintenance.

You want to downsize

Your children have gone to university or have families of their own. Now the house feels empty and large with expenses piling up.

Selling the house and moving to a smaller one will save time and energy spent in cleaning and maintenance of a large house.

On the other hand, you may become too attached to your house even with the kids gone.

You may have had loads of good memories in the house making it difficult to sell. If this is the case, decide if you are emotionally ready before you move ahead with the decision to sell your house.

You are financially ready
There is a change in your financial status, you landed a better paying job or a promotion and now, you want an upgrade to your present house.

Also, you may have paid off all or almost all of your mortgage and will acquire great equity from it. To make a good selling decision, contact a real estate professional.

Selling your home is a crucial decision. Therefore, you must have a good plan to avoid costly mistakes in the long run.

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