Why do people decide to sell their home? The reasons can be as varied as a change in financial situation to a job transfer. Whatever the reason, you need to do your research and be sure the sell of your home is going to be the best decision in the long run. You don’t want to make a snap decision on such a monumental life change. Here are some reasons people may decide to sell their homes.
The housing market varies from state to state; city to city. If you’re lucky, you bought your house when the market was down in your area. This will mean a much better return for when the market heats back up. We were able to take advantage of this situation twice with one of the houses we owned. We bought it during a down market time; not just in Texas but everywhere. After about 13 years there, the market was booming so we did a cash out refinance and were able to lower our payments and put over $30k in our pockets. A year and a half later we were able to sell that house and still make another $30 on the sell. It was amazing!
The house we built after selling that house was purchased for $99 a square foot. Two and a half years later we decided to move to our current small town location. Because of the hot housing market, we were able to sell that house for $136 a square foot. On a 3000 square foot house that worked out to a huge return on that investment.
If you’re in the same circumstances, selling may be in your best interest. It’s possible to profit so much you can buy a larger, nicer home for the same payment. Or you may be able to finance a nicer home for fewer years depending on the current interest rate. Hopefully the market will be favorable for you to sell and move into a a great house.
You’ve Run Out Of Space
Running out of space is a legitimate problem. It’s why we sold the home our children grew up in. With only three bedrooms; one of which I turned into a craft room, only left one room for a guest room. Since we have two daughters and they both live hundreds of miles away, our home turns into a hotel when they visit. Someone always got stuck on an air mattress in the living room.
We knew we’d also have grandchildren someday and that one guestroom wouldn’t cut it. So we did the opposite of many empty nesters and moved to a much larger home. We now live in a home with five bedrooms and office space. If you’re in that same situation, using a company like SMARTBOX Solutions, Inc. gives you the opportunity to store your belongings to free up space, then simply load those storage containers up and they’re ready to move with you.
Your neighborhood may have gone through some changes and is not the same as when you first moved there. You may live in an area with mostly aging residents and you have young children who need playmates living near. You may have good neighbors who have moved away and have been replaced with people who don’t take care of their property. It’s possible that a large percentage of homes have become rental properties and you’d like a more stable environment for your family.
Wanting to escape an overbearing or expensive home owner’s association is the reason many people sell their homes. Again, be sure the situation you find yourself in isn’t temporary. Don’t make a permanent decision based on a temporary situation.
Size of Property
It’s possible that you love your home, but the size of the lot on which it sits won’t accommodate upgrades you’d like to make. If your lot is too small for a swimming pool or a she shed, there’s really not a change you can make to the property to make it bigger.
Many people simply tire of taking care of a large property as well. If the burden of lawn maintenance has become too much, moving to a home on a smaller lot is very attractive. Hiring a lawn crew can be cost prohibitive and many may have lost the ability to manage the upkeep of a larger property. That’s a very valid reason for selling.
Whatever the reason you decide to sell your home; be sure it’s the right time. Unless you’re desperate, wait until the market is more favorable for selling. You don’t want to lose on what is likely the biggest investment of your life.
Add More Curb Appeal and Raise the Value of Your Home - Under a Texas Sky
August 27, 2021 @ 1:58 pm
[…] you’re planning to sell your home don’t discount the value of curb appeal. First impressions can be the difference in whether or […]
Adding an Outdoor Living Space -
November 10, 2020 @ 1:17 pm
[…] that homes with outdoor living spaces add value to your property. Today, outdoor rooms are in high demand as buyers want to make maximize every inch of space available. People tend to just light up when they venture […]