Is it Time to Sell my Home?
Tags: finances, Toronto, mortgages, home improvements, ontario, renovations, seller's market,
Selling your home is a big decision. It also means moving, which can take a serious toll on your finances and be a real hassle. It’s not something that most people take lightly and there’s other factors at play. What effect will it have on your kids? Will you be able to profit from the experience? Will a new home meet your needs? And most importantly, does the need outweigh the cost and stress?
When asking yourself if it’s time to sell your home, you will want to consider the following.
Is it a Seller’s Market?
Have you noticed a lot of your neighbours are selling? Does it feel like a lot of homes in your neighbourhood or building are going for above asking?
One of the best reasons to sell is to turn a profit. This will allow you to upgrade your home and lifestyle. In most cases, one’s home is their greatest investment.
Does your Current Home Not Fit your Needs?
While it might not check off every box, your house or condo should enhance and not detract from your life. If your space feels cramped it might be time to consider selling and upgrading. This isn’t to say you should upgrade just so you can fit a second car but if you need a bigger garage and an extra bedroom then your current home just might not fit your life.
Your Finances have Changed
Life changes and it changes fast. If you lose your job or want to take a chance on a new business venture, then selling your home might make sense. You never want to take a loss but downgrading is a proven way to balance your finances if challenges arise.
On the flipside, if you come into some money or a fortuitous promotion then it might be a good idea to sell and upgrade into something closer than your dream home.
The best advice is to give thought to moving if you find yourself with multiple reasons, such as, improved finances and the value of your home has increased. That’s a good benchmark to accept that it is time to sell.