Wondering whether it’s time to hand the keys over to someone else? Selling your home is just as big of a step as buying a new one, and you’ll have to worry about both at the same time. Is it better to buy or sell the property? That’s up to you, and it’s not an answer you’re likely to arrive at easily.
List the Pros and Cons
Begin with a list of all of the things you love about your home. Be as objective as you can, and take your time making this list. It’s not something worth doing in a day. Keep it overnight, at least, and add to it as time goes on. Also work on the things about your house that you would change. Start with the obvious stuff, maybe the backyard or the bathroom, then move onto something more specific (like maybe you want a one story house instead of a two story). This list gives you an at-a-glance view of what you’re leaving and what you could stand to gain, whether you moved or remodeled.
Research Your Options
It helps to know what is worth doing. You might find that some of the things from your list of cons are things you can easily change. You should also look into the costs and time it takes to do things for yourself. Over the course of just a few weekends, you can easily put together almost anything in your home for yourself. Also consider how much you’d need to spend to get the home where you want it. If what you want is a new look to your kitchen, maybe skip the paint and reface the cabinets. The point is to explore different options.
If you do decide to sell, you should have a clear idea of comparables in your area so that you can have an asking price in mind. Secure yourself an agent if you have not already done so, because their listing power is what truly benefits you as the seller.
Review Finances
Sometimes the answer to this question is as simple as looking at what you can afford to do. You don’t want to sell your property when the value is at a slump, and you definitely don’t want to spend your equity on a remodel that won’t ultimately benefit your investment. Thinks carefully about your payment history with bills and mortgage as well. The smallest slip up could create problems getting a new loan.
– Kuba Jewgieniew is the CEO of Realty ONE Group, one of the nation’s leading brokerage firms. Kuba Jewgieniew is a former stock broker with a passion for data-driven sales. For more tips on selling your home, visit Kuba Jewgieniew online.
