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Buying a new home is half the battle, you also have to consider all the reasons to sell your home to determine if the time is right.
Time to Sell? Here are Some Important Reasons to Sell Your Home Now
You may have to sell your home for a variety of reasons and the timing may not always be ideal. If you have the luxury of deciding whether to sell your house, the following ideas are some of the important indicators that will help you answer the question, "Should I sell my house" with an answer that is closer to ideal and one that will make a positive difference in your life.
You have positive equity
If you owe more money on your home than you have equity in it, called negative equity, you may sometimes have to sell your home, but you will lose money on the deal. This is to be avoided if at all possible.
When you sell your home when you have a positive equity, you make money and your investment in your home literally pays off.
Breaking even, by selling the home for neither profit nor loss, is okay, but not desirable.
Weigh out the need to move, such as whether you have to avoid bankruptcy or foreclosure, versus the amount of positive equity you have when deciding whether to sell your house at this time.
You may be asking, "how much equity should I have in my home before selling?"
Choosing to have enough equity in your home to cover the 20% down payment on the new home and cover hidden moving costs will make the sale of your home pay for the new home and all the moving expenses, saving you money on your new investment. The more equity you have beyond that is the amount of savings you'll have leftover for financial security.
You're out of debt and have money saved
When you sell your home, you'll also be buying or renting a new one. Do you have the money to cover the costs? Being debt-free and having enough money saved to cover three to six months of expenses is the ideal time to move.
Again, you'll have to weigh out the need to move versus the benefits. Just having enough to cover the move is important if your need to move is dire and any extra money will be of benefit to you.
You may be asking, " should I sell my house to pay off debt?"
It would not be ideal, but if your mortgage is your largest debt, it makes a great deal of sense to knock that out. If you already want to move anyway, that also makes it a more desirable option.
The more money the home is worth versus the cost savings of the new home you could move into can also help in deciding whether to sell your house.
The sale may not appear to be the best deal in itself, but the cost savings could make up the difference.
Downsizing would save you money
Owning a home is expensive, because of the mortgage, maintenance costs, upkeep, and even the cost-of-living in the area. You might move to a smaller home with a smaller yard in a city or town with a low cost-of-living and save a large amount of money.
Weigh out the other factors of selling your home to decide when is the best time.
You are emotionally ready
If you have the luxury to do so, sell your home when you have a lower stress level and more time to handle all that selling a home and buying a new one require.
Contact a real estate agent like Missy Banks in South Charlotte NC for further advice on deciding whether to sell your house and to get started.
Written by Missy Banks of AgentBecky.com and Allen Tate Realtors. Missy is a full time real estate professional and a top relator with Allen Tate and the Charlotte area. AgentBecky.com is a user friendly real estate search tool with update MLS listings.
Let Missy Banks with Allen Tate Real Estate help you with your real estate search!
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