Though most people struggle when they are trying to decide when is the right time to sell their home, there are times when it is a pretty simple decision. Some of these reasons are out of your control, which almost makes the decision a little easier. There is no way that you can continue to live in your current home. However, there are some times when it isn’t as clear-cut.
That being said, here are some times when it is a good idea to try to sell your home.
You Have Outgrown Your Home
Your home may no longer fit your needs. If you have started to have children, you may need another bedroom (or two) so that everyone fits well.
If you do a lot of entertaining, you may notice that your living room seems too cramped when the entire family comes over. You may need more room in your kitchen if you host friends over for meals.
You May Be Ready to Downsize
There are many times when it is a good idea to think about downsizing. For most people, this is when your children move out, and it is only you and your spouse alone in your house that was big enough for a family.
However, as you get older, you might want to think about downsizing for other reasons. The maintenance on a larger home (and bigger yard) can quickly become too much for you to keep up with. A smaller home (with less yard) could make your life a whole lot easier.
You Are Relocating to Another Location
While some people rent out their old home when they relocate, for most people, it is easier (and less stressful) to simply sell their home instead. It can be really hard to be a landlord when you live far away. Besides worrying about maintenance, you also won’t be able to see it to make sure that your tenants are taking good enough care of it.
You Can’t Afford Your Current Mortgage
For most people, their mortgage is their biggest bill. Sometimes, it is more than they can afford, especially if one person loses their job or decides to stay home with the children.
By downsizing (even just a little), they might be able to live more comfortably, instead of living paycheck to paycheck. Even an extra few hundred dollars a month could make a big difference in your life. You might not feel like you are drowning anymore. In fact, you might be able to start saving for your future.
You Got Behind on Your Mortgage
Once you get into debt trying to keep your home, it only gets worse. Your first missed payment will continue to add to the next payment and so on.
Each month, you will end up owing more and more money to your lender. After a few months, as your payments continue to add up, you are probably going to feel like you are way behind on your debts.
You Owe Back Taxes on Your Property
Taxes are another big expense when it comes to owning a home. While most people have theirs included in the mortgage, others don’t. Instead, they get a huge bill of a few thousand dollars at a time. If you aren’t prepared, you could get behind on your payments quickly!
Though most people sell their homes when they outgrow them, or they decide to downsize, others make the decision based on their finances. A lost job could really hurt them when it comes to keeping up with their bills, especially a mortgage, which is probably the most expensive one that they have! If you get behind on your mortgage or your taxes, the bills are just going to keep piling on until you are so far behind that you can’t see clearly.
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