Your house may be the most emotional investment you make. It’s where you raise your family, entertain friends, and celebrate special occasions. However, when the time comes to sell it – whether for relocation, retirement, or financial reasons – selling can be an excellent way to turn a large lump sum into several smaller ones that are easier to manage.
If you’re thinking of selling, here are a few reasons why it’s really the best investment you’ll ever make:
Your Family Is Expanding (Or Shrinking)
If you’ve recently welcomed a new baby, adopted a child, or had another life-changing event, moving to accommodate everyone (including yourself) can be complicated and expensive. Selling your home can help get your family into the right house without spending your savings on renovations.
On the other hand, families are often at their smallest when children reach college age. If you’re planning on sending your son or daughter to school out of state, selling now can help you avoid the hassle and time commitment of an extensive – and expensive – renovation.
You Just Want Some Quick Money
At one point or another, most of us have had thoughts like ‘how to sell my house fast in California and live a life of travel or adventure.’ Whether it’s finally paying off those student loans, going back to school, buying a bigger place for your growing family – or anything else… selling can give you another opportunity to do something great with your money.
In short, selling your home may be the best financial decision you’ll ever make. The key is to make sure that selling is right for you, today and in the future – and that means weighing the pros and cons of selling against other possible uses for your money.
You’ve Outgrown Your Current Home (Or It Has Outgrown You)
If your family has grown larger than what your home was designed for, it may be time to sell. In addition to making your life easier, the money from the sale can help you get into a larger home that’s better suited to your lifestyle.
On the other hand, if your family has shrunk dramatically or you plan on retiring soon, downsizing can make sense as well – and it can actually add value to your home. If you decide to sell, the money from the sale can help offset expenses at your new place.
You’re Unhappy With Your Home
Maybe it’s due to a constantly malfunctioning heating or air conditioning system, a leaky roof, constantly needing repairs, or constantly having to keep up with other minor but inconvenient maintenance issues. Selling now allows you to take your money and put it toward a new home – or rent if that’s what you prefer.
On the other hand, maybe your home is increasing in value faster than it would if you invested the money elsewhere. There are many reasons why someone may want to stay where they are rather than move… but you should always make sure you’re choosing based on what’s best for your family.
Your Job Requires You to Relocate
If your job requires you to move, then selling while the market is strong can help you maximize your money. It may also offset some of the costs of moving – and give you a bit extra spending money when you arrive at your new location.
On the other hand, if you plan to retire within a few years, you may want to consider staying put and using the equity from your home to help fund a smaller place near family or friends once you’ve retired.
The Neighborhood Is Deteriorating
If crime rates are high in your area, or you’re surrounded by homes that are constantly for sale – but rarely selling – selling now may be the right decision. The money from the sale of your home can allow you to move into a safer (or more convenient) neighborhood, regardless of how the housing market is doing.
On the other hand, if you feel like your home is increasing in value faster than the rest of the neighborhood, you might want to stay put and watch its worth continue to rise.
You’ve Decided to Sell Your Home. Now What?
After deciding whether to sell your home, you will need to prepare your property for sale. One of the best ways to attract potential buyers is to make sure that your house shows its best side – and that means cleaning up clutter, freshening up paint and fixtures, and a few other minor repairs.
What else should you do before selling?
Make sure that you understand the current real estate market in your area. Knowing what other houses are selling for – and how long it’s taking them to sell – will help you set the right price before putting your home on the market.
Selling your home can be a great financial decision. Whether you buy another property or simply use the money for something else, selling can offer an opportunity for upgrading your current standard of living – and perhaps even more. The key is to make sure that selling makes sense today – and in the future – by weighing all of your options carefully.