Have you questioned if it’s time to sell your home? Do you wonder if it would be beneficial to buy a new home more suitable for your growing family or if you should stay put and make a few minor adjustments instead?
There comes a time in nearly every homeowner’s life when he or she begins to wonder if they should sell their home. Many different life events can result in this line of questioning–a new marriage, a recent divorce, a growing family, a loss of income. In fact, there are so many homeowners who are unsure if they should stay put or move on that HGTV created a show about it!
Love It or List It is a show on HGTV about families who find themselves faced with a financial and emotional decision: Should they renovate the home that no longer meets their needs or should they sell it and buy one that does? In each episode, a Realtor and an interior designer compete to win over homeowners. The Realtor shows the family an array of homes that better fit their needs, while the interior designer renovates the home to make it more suitable for them. At the end of each episode, the owners decide if they are going to list their home and purchase one of the properties shown by the Realtor or if they are going to love the newly renovated home and stay.
If you aren’t planning to appear on Love It or List It anytime soon, don’t worry! Here are four signs that can help you decide.
Sign you should sell: You hate your neighborhood.
Many homeowners start out loving their neighborhood, but after time, it becomes obvious they aren’t happy there. The owner’s lack of love could be due to a lack of growth in the area or perhaps a new school or highway was constructed nearby. The reason could even be as simple as a new job with a longer commute.
Regardless of the reason, living in a specific neighborhood is not something you can change if you stay in your current home, and it can become a serious source of dissatisfaction and resentment over time. This is a strong reason to sell your home, if you are financially able to do so, and move into a new neighborhood that will better serve your life.
Sign you should stay: Your problems with the home can be easily fixed.
If the main reason you are considering a move is because things don’t function well or because the look of your home isn’t really your style, you can easily take on the task of updating it and adding new decor. You might be able to resolve the issue by spending less money than you would on the costs of selling and buying a new home by undertaking projects on your current home instead. If you choose to stay and make some changes, painting, landscaping, exterior trim and hardware, and kitchen appliances will likely give you the most bang for your buck.
With that said–if you consider the amount you would spend on commissions and closing costs, you might be able to justify a larger budget for upgrades and remodeling projects. If you have a little more money to spend, consider a kitchen or bathroom remodel or new hardwood floors. You might be surprised how much you love your new home with a few small changes!
Sign you should sell: Your family has no room to breathe.
If you have young children and your family is starting to trip over each other, changes are that your space needs to grow as they do. Once children start school and become teenagers, they develop their own hobbies and need extra space. If you’re struggling to find a space for everything and everyone, consider the amount of space you’ll need in five years. If it looks like you’ll need more space than the amount you need now, that’s a good indicator that it would be financially responsible to move along.
Sign you should stay: You simply can’t afford it.
Our country has an addiction to buying bigger and better things (and often with financial recklessness). It’s important to be sure that “the grass is greener” mentality is not what is prompting you to make a potentially unwise decision to sell. Do your home work: look over your budget, income, and expense reports to understand if your finances can afford an increased obligation. Consider if you want to save, invest, or eliminate debt before you move. Be sure you fully understand the financial implications (short-term and long-term) before you put that For Sale sign in the yard.
OF COURSE, if you decide to sell and search for a new home, call us at Dargan Real Estate!