Is now the correct time to sell your house?
If you’ve been courting with the idea of buying a new house or have been ogling properties while visualising yourself (and your family) living in it. After doing that what would it take to seriously consider selling your current house?
Exactly how to know when to sell your house isn’t an easy choice to come to. Naturally, no one wishes to buy a brand-new property, only to see it reduce in value. Then have to wait for house prices to rise again. However, it’s important to recognise that every market is different – while some boom, others fall or stay stagnant.
But if you were on the fence about selling, you need to consider a range of influences that will affect you. Below are ten indicators that it may be the time to sell your house now.
1. You’ve built positive equity
You may have developed up a neat sum of favourable equity if you’ve been paying your house off for five years or more. Having actually built equity is one of the best financial factors house owners like yourself need to consider when determining if you’re all set to sell up.
Equity is the amount of your home that you actually own after accounting for debt. To calculate that value, subtract your home loan balance from the market value of your home. To get the best idea regarding the market value of your home, get a no-obligation free market appraisal by Paul Hill Realty Hope Island.
2. You’re all set financially to move
Not only have you got equity on your side, but also you may have additional savings put aside. The expenses can accumulate quickly when selling a house. Try to avoid depending entirely on your equity – it’s best to set that aside for your new dream home.
When asking yourself, “Should I sell my house?” take into consideration the expenses of moving, small or big repairs that need to be done prior to placing your house on the market. In addition, whether your new home mortgage payments will be more considerable than your current home loan repayments.
When you apply for a mortgage, the banking institution needs to know that your financials are in order. Guarantee you’re free of bad debt as well as have at the very least three to six months worth of savings accrued for anything that might happen unexpectedly e.g. job loss, injury, etc.
3. You’re psychologically ready to move
Are you ready to cut-the-ties to your current house? An indicator may be time to sell is that you’re proactively scrutinising the most recent property listings and daydreaming about a brand new house.
Selling a home can be a difficult and psychological process, as well as your feelings can cloud judgement at the finest of times. You need to prepare the house for sale and also prepare yourself for any kind of adverse feedback you may receive from your potential buyers.
This doesn’t indicate you should not sell! Give yourself time to psychologically prepare for all the steps it will certainly take to sell your home. Your agent can help you with this.
4. You’ve outgrown your house
If you’ve outgrown your house, that’s an indicator that you need to upsize. Maybe you moved into your house as a couple or when you just started to build your family. Now you’ve found yourself in a situation where you’re ruining out of room for your family e.g. kids are crammed into a bedroom, or, perhaps your ageing parents need to move in with you, it might be time to investigate the property market with Paul Hill Realty Hope Island.
5. You’re ready to downsize
On the flip side, you might also be due for a downsize. This is generally the case for families where the children have grown up and moved out. Selling your home and moving into a smaller place is a great way to pocket some profit and maintain your lifestyle into retirement or even invest.
6. Your house’s location no longer fits your needs
It may be the right time to sell your house if your home no much longer fits your lifestyle needs and you do not find the area preferable anymore. You need to take into consideration which schools you want to send the kids to and where the best job opportunities are, to having excellent options for medical care, stores, parks, public transportation and, even more. You will wish to live in a location where you spend a great deal of time as well as an area that will certainly benefit the whole household.
7. You’re neighbours houses sold for an excellent price
If your neighbours are starting to sell or have sold their property for a great price, you might find that you’re living in a seller’s market. Maybe the most effective time to sell your house is when you don’t want to miss the opportunity to get a great price for your property.
It can be advantageous for you to find out how much your house is worth by organising a market appraisal by Paul Hill Realty Hope Island to get a feel for how much your home is worth and whether selling might be a good outcome for you.
8. You’re market conditions are favourable
If your local market is soaring, congratulations, you’re probably going to obtain a truly excellent price for your house, which is wonderful for the next action in your property journey.
Unclear of just how your market is doing? Talk to your experienced Paul Hill Realty agent with confidence.
It doesn’t actually matter when you sell your house and move to your new house. As most people will buy and sell in the same market environment either a seller market or buyer market. Therefore, trying to ‘time the market’ shouldn’t be your top priority.
What’s more vital is concentrating on getting an excellent price for your house in the existing market.
9. Renovating before selling may not add much value
Are you contemplating renovating your house in order to capitalise on your resale? You need to consider whether your renovation is adding value or whether in the long run, it will lose you money.
We know when it comes time to sell your house you’ll want to get the most amount of money as you can from the sale, but if you have spent too much on the renovation you may overcapitalise and make a loss.
Be sure to carefully plan out what your aims are, how much it is going to cost and how much value it will add to your resale. A brand-new bathroom or a kitchen remodel will definitely add worth to your house, but ensure you’re going to get out what you put in…and even more!
We suggest you speak with your real estate agent to see if they anticipate your house upgrades will be worth it – or not.
10. You’ve decided to sell now it’s time to choose your agent
If you have your funds in order, have researched the property market and are stating yes to an above indicator, that may mean it’s time to sell your house.
Once you have finally decided to sell your house, it’s important to have obtained an experienced Paul Hill Realty agent who will listen to you and be able to advise you of the best outcome you can achieve.
Our reputable agents can help you put together a plan for selling and outline all the steps you need to take to get your house listed. Selling your home can be a daunting process, especially if it’s your first time. An experienced agent will make the selling process easier and will have your home sold in no time for the best price possible!
Remember experienced property managers can save you time, money and headaches.
If you are a house owner looking for an experienced property manager with your best interests at heart – look no further than Paul Hill Realty Hope Island! You won’t find a team that is more respected, reliable, and trusted in residential property management.
Paul Hill Realty office is located at Hope Island, we professionally manage residential properties anywhere on the Northern end of the Gold Coast and beyond. Paul Hill Realty Hope Island is your best choice in property management. We have many 5 Star Google reviews from satisfied clients to back up our claims.