The average American moves more than 11 times in their lifetime. After the age of 18, you’re likely to do it 9 times compared to twice after the age of 45. Having gone through the process before, the idea likely gives you the chills. It was too much hassle the last time, not to mention it cost a small fortune. You vowed never to move again and you plan to stick to that promise.
However, selling and buying another property can be a good move even if it isn’t straightforward. Read on to find out more about why selling might be a good option for you.
Negative equity is bad because it means you will lose money. Breaking even is okay but it’s not ideal. The trick is to make the investment profitable and to do that you need to sell when you have positive equity. You may think there is no need to rush, yet the market is volatile. Since 2008, properties appreciate and depreciate quite quickly without much warning. Selling while you have positive equity should ensure you don’t lose out and end up making money. Remember that your house is an asset as well as a home.
At a certain age, there is no need for a big house with acres of land. The children are gone and it’s only you and your spouse. Plus, you’re getting older and find it tough to navigate the property as easily as before. Downsizing does two things. Firstly, it puts money in your pocket so that you can plan for essential purchases such as home care and investments. Secondly, it ensures your lifestyle is more conducive to your situation. Maybe you still want to have land, but do you need the same size house? Living in a huge house is a lot of work and isn’t a good way to spend your golden years. Plus, you can use the cash to invest and expand your resources.
Children are a major part of life. You gave birth to them, raised them, and maybe even homeschooled them instead of sending them to a classroom. There is no denying that the home holds lots of sentimental value and money can’t replace your sentiment. However, staying in a house that no longer fits your family may prevent you from living better. With lots of opportunities to reminisce, it’s easy to get stuck in a rut. Moving out allows you to focus on what you need right now. Hold your memories close, but don’t let them hold you hostage.
In the past, homeowners had to rely on realtors to do the brunt of the selling. As a result, a share of the money went in their pockets. Today, knowledge is more accessible than ever before. For example, a quick search will tell you that the market grew by 7% in 2018. Research, then, can make you aware of potential gains in the future. Not only that but there’s no need to hire a “professional” and forfeit 5%. You can learn the dos and the don’ts by reading online posts and web articles.
When any of these apply to you, selling your home is an easy choice. An added bonus? Selling is an excellent time to declutter and simplify. I would not sell my home to have less clutter but is definitely a nice benefit.