The fact you are reading this eBook means you are likely at least considering selling you home. Perhaps you have not fully made up your mind and are still wondering if now is the right to upgrade to a larger property, move to a nicer location or whatever life holds for you next! Here are some questions to ask yourself to determine if it is
time to sell your house.
How much of your mortgage have you paid off?
The first thing to consider is your mortgage health. How much of your mortgage have you paid off? Are you still essentially paying interest or have you started to pay off the loan principal? If you’ve owned your home for a while and paid off at least some of the principal that means you have some equity to play with.
Have you outgrown your house or your neighbourhood?
Perhaps your home was perfect for you when you moved in a few (or more) years ago. But life circumstances change, and you may have different needs in your life, and want different things out of where you live.
Have there been changes to your financial situation?
Things may have changed a lot since you bought your home – maybe you have a better job and a higher income now, and so are able to afford a bigger deposit and higher repayments.
Do you have room to grow in your current house?
You are probably coming up to a time in your life when you will want to add an extension of an extra room or more, or renovate and upgrade your home. Does your current home allow you to do this or are you better to buy a bigger house?
Is maintenance on your house become too much?
On the other hand, you may be finding that your house is too big for your needs these days, and the cost and effort of maintaining it is getting out of control. If so, it may be time to move to a smaller house or unit.
What are current interest rates?
Check with your bank and other mortgage lenders. If rates are low, not only will you be able to secure a favourable loan for yourself, but it will mean you will have better success in selling your home
How is the market at the moment?
Take a look at current real estate market trends to get an idea of how quickly you are likely to be able to sell your house, and what kind of price you’ll get for it. Keep in mind that if the market is slow, this is also a good time for you to buy another house on the other end of the transaction!