Friday, March 1, 2024 / by Bell Home Team
Deciding when to sell your house can be as challenging as any major life decision. Generally speaking, most people don’t anticipate living in their first home (or second, or maybe even third!) for the rest of their lives. It can even feel comparable to parting ways with a long-time partner - you know it's necessary, but taking the leap can be daunting. While certain life changes may prompt a move, determining the right time without a necessarily pressing reason can be perplexing.
Here's how you'll know when it's time to make the move, according to industry experts:
1. Feeling Cramped: If your current home feels snug due to changing circumstances, whether those be a growing family, or even remote work or flourishing hobbies, it might be time to upsize. Sometimes you can make the needed renovations to your current home to accommodate your growing lifestyle. This can involve talking to contractors and ensuring local municipalities permit your desired rehabs. Also, take into consideration the return on investment for making these changes. Is it worth it to add on to your current home? Can you refinish the attic or basement to accommodate? Will it boost the resale value down the road? If the answer is no, it’s probably time to upsize to a larger space.
2. Excess Space: Conversely, if your home feels too large and upkeep becomes burdensome, downsizing could be the answer. Assess whether maintaining a large property aligns with your lifestyle and future plans, or if downsizing makes more sense in the long run. Saying goodbye to a family home can be very difficult, but if having four bedrooms and a full basement is beyond what you need and what you want to maintain, downsizing is an excellent option.
3. Neighborhood Dynamics: Changes in your community, from HOA regulations to noisy neighbors, can impact your quality of life. Or maybe when you moved in, the 45-minute commute to work didn’t feel like such a big deal, but now you’re dreading it every day. Evaluate whether your current location still meets your needs and aspirations.
4. Remodeling & ROI: While renovations can rejuvenate your home, sometimes we want more than what we’ll get for a return on investment (ROI). When considering upgrades, it’s crucial to consider the ROI, and ensure the renovations align with your neighborhood's market trends. Investing in significant upgrades might not yield a favorable return, which can be a huge disappointment when you decide to sell. Knowing the highest price point of the homes around your neighborhood can also be a good thing to think about when getting ready to remodel. If your home is already similar in style and condition of some of the priciest homes in the neighborhood, making significant upgrades might be a bad idea. Selling and finding a home with your desired amenities may be a better option.
5. Financial Preparedness: The first thought that comes to mind when thinking of selling your home is usually how much money you’ll have once you sell. However, it’s easy to forget about the fact that selling a home generally entails upfront costs for enhancements and staging. Most sellers need to make some minor improvements before listing, such as painting, landscaping, or updating light fixtures and flooring, in order to get the best price for their home. Having a financial buffer to cover these expenses is advisable before embarking on the selling journey.
6. Market Competition: In a seller's market, timing is key. Be prepared to act swiftly, considering both the sale of your current property and the purchase of a new one. In our current market, houses go fast on the selling side. On the buying side, it can be more of a journey depending on how prepared you are to compete in a low inventory market.
Navigating the intricacies of selling a home requires careful consideration and expert guidance. By recognizing these surefire signs, you can confidently navigate the real estate landscape and make informed decisions for your future. At BELL Home Team, we're here to help you decipher the best time to sell and guide you through the process with expertise and ease.
