Deciding whether or not to sell your house can be a debate that can leave you frustrated in making the right decision. This may not be what you had in mind when you first got the house; ideally, you wanted a forever in this place, paid good money, added a few things here and there, and no place feels like home other than your house! However, things sometimes go differently than planned, life happens, and now you are looking to sell it. This is a tough decision and often a very emotional one at that. Before we dig deeper into deciding whether or not to sell the house and the right time to sell it, we can look at circumstances that may prompt you at times to look at potentially selling.
There are instances where selling becomes a no-brainer, whether unexpected or planned; here are some of the instances that will make you probably sell your house.
- Terms of bankruptcy, if it happens, may require you to sell the house.
- In divorce cases, living in the same house you lived with your former spouse causes a lot of emotional pain, and while some courts may allow you to keep the house, you may prefer selling for a fresh start.
- Environmental calamity where your area may be deemed unlivable may legally require you to sell your house.
- When you want to move but don’t have enough money to put down a new home or the upkeep to retain it as a rental property.
- If your purpose of buying the house was an investment like fix and flip.
Whether or not you decide to sell your house is greatly determined by timing; you should look into the perfect time to sell your house, but before deciding to sell, it is important to look at the following;
- How much is your house worth; if it is not much, then it would not be a good idea to sell. You can wait for its value to increase before putting it on the market.
- You also need to look at the cost of selling, including repair costs, broker fees, and fees you’ll pay real estate agents. This will add up to almost 10% of your house price; therefore, you must think critically before deciding.
- If you are struggling to pay your mortgage, then you cannot afford to stay in your house, and therefore, it would be best to look at ways to make housing and living affordable for you. This would mostly mean selling your house and downsizing. It is not bad to admit that you cannot afford it, nor is the situation permanent. It would be best to work on your finances, and when you can afford a bigger house, you can upgrade instead of sinking into debt.
- You also need to look at how much equity you have built up in your home; you may need a long time to build up enough to pay off the mortgage and moving costs.
- You also need to look at how badly you need to sell the house; if it is for the above instances, like bankruptcy and divorce, then you are left with no option but to sell.
So before you decide whether or not to sell, look at these tips to guide you on the right decision to make regarding your house!