Deciding to Sell
Selling a home is a major undertaking - before taking the plunge, make sure that you've thought it through and are ready to proceed.
Consider your motivations for selling to help determine if you are truly ready to part with your current home.
Are You Ready to Leave Your Current Home?
Moving is a tiring and stressful experience, and leaving your home can be emotionally difficult as well - especially if you've lived there for many years. Make sure you're really ready to go before you put the property on the market.
Probably the most common reasons for selling a home are the need for more space and the desire to move up to more luxurious property. Many homeowners find that increased income - coupled with appreciation in their current houses - makes moving up a feasible option. This strategy has proven to be a successful long-term wealth builder as housing prices have generally continued to rise over time.
Financial and Tax Implications of Selling
A home is a major investment, and the decision to sell is one fraught with financial implications. Is now a good time to sell? Is it a good time to buy another home? Have you considered the tax consequences of the sale?
Selling for Financial Reasons
Many people sell for financial reasons. A reduction in income, increased expenses (e.g. college tuitions), and the need to save or invest more to meet goals are common reasons for moving to a smaller home.
Remodeling vs. Selling
Even if you want more space or more luxurious appointments, there is an option to selling - you can remodel your existing house. Review our remodeling checklist to help determine if this is your best option.
Selling for Retirees
Retirement is a great time to sell the old family home and purchase something smaller and more convenient. For many people, home equity is a major portion of overall savings and net worth. Reinvesting the proceeds from the sale of an appreciated home can significantly improve your post-retirement budget - and help support an active and enjoyable lifestyle.
Sell First or Buy First?
This is one of the biggest questions faced by homeowners - and it's not an easy one to answer. Review our tips for determining which way is best for you.
Rent Out Your Old Home Instead of Selling?
If you're moving but are reluctant to sell your old home you may have another option - renting. By renting you may be able to sustain the costs of both your old and new houses. Being a landlord is no picnic, however. Check out our rental guide to get an idea of what is involved before going down this road.
It's important to have realistic expectations - regarding both the price you hope to get for your current home and what you hope to find in a new one.
You may love your home and look past some of its flaws - but a buyer won't. On the other hand, there may be a number of small items that are bothersome to you, but wouldn't even register to the average purchaser.
Try to take an impartial look at the property before you make any final decisions.