At Royal City Realty, we are regularly asked the question, “When is the right time to sell my home?” This is a complicated question because it depends on many factors. Some of these factors don’t have to do with the market, but are more related to you and your property.
Here are some important questions to answer when you are determining when is the right time to sell your home:
1. Does your home no longer work for your lifestyle?
There are many reasons why your current home may no longer be appropriate for your lifestyle.
- If your family has grown in size, your current home may simply be too small for you now. By contrast, if your family has shrunk in size, your existing home may too large with rooms that are no longer used.
- If you have started a home-based business, you may require additional space to accomodate a home office, workshop, or meeting space.
- Perhaps you are interested in having a home with a rental unit, so that you can have access to an additional income on a regular basis. This might require you to purchase a different type or different size of property.
2. Is your home in good condition or are there repairs that need to be completed?
If your home would benefit from a new roof, a repaved driveway, or eliminating the water issue in your basement, then you can be sure that completing this work before putting your home on the market would be beneficial.
Home buyers are less likely to agree to your purchase price if they know they will have major repair work to do as soon as they get the keys.
3. Can you afford to move?
It is very important to make sure that you are financially stable and can afford the costs associated with selling your home and buying another place to live.
While it is exciting to begin looking at homes, you want to ensure that a home purchase makes good financial sense for you. The cost of homes continues to rise and you want to feel confident that you have the budget to move forward.
When is the Right Time to Sell
The “right time to sell your home” really depends on you, your needs, and your unique situation. If you have decided that you are ready to sell, contact the team at Royal City Realty — we’ll help you unlock your future.