Your home is emotional to you. Much as you would like to look at it as an investment, it is hard to just up and sell simply because prices are good; the only people who seem to do that are investors, and they have to because that is how they earn a living. You, on the other hand have another source of income so actually accepting that you have to sell your home may not come very easily. That said, if you see any of the following signs, it means that it could be time to sell your home.
1. When you are flooded year in, year out
You may have bought a home at low altitude, you may too close to a river or maybe you chose a ground level apartment that gets flooded whenever there is heavy rain. If this is happening, it is time to sell your home. Not only are your homeowners insurance programs going to keep rising, repairing flood damage is an expensive affair; think foundation, walls, electrical, plumbing, carpeting, wallpaper and so on. These repairs, done every year, could easily exceed the value of your home before long.
2. When you need unavoidable structural work
Structural work is time consuming and expensive. It usually involves working everything from the foundation up. You can avoid all this by putting your home on the market. This is not to mean that you won’t disclose to the buyer that there are issues; that could lead to a lawsuit. You will let them know and then knock off the cost of the repairs fro the sale value. There are people out there who are happy to buy properties that need work and have it done themselves.
3. When your family grows
When kids come along, you need more room. As they grow older, they each need to have their own rooms. It is a sign that you need to sell and find a new home that can take all of you without all the overcrowding. If you are going to take in an elderly or sick relative, you may also need to think about different living arrangements that cater to their needs.
The best time to make a move, if overcrowding is the problem, is to wait until house prices take a dip. Remember, if you are going to get a good deal, you have to have your financing already in place.
4. If your neighborhood changes
You moved there 15 years ago when it was all quiet. Now all the little kids have grown up and there’s always a racket outside. Or there are some new neighbors who make the place different than it was in the past; maybe there is even crime and drugs. Start looking for a new home, and again, the best strategy is to have down payment money ready so that as soon as you see something new in a place where you feel safe, you can secure it.
5. When your neighbors are too much
It happens; someone could move in next door to you who is just impossible to live with. Maybe they are loud; maybe they are dirty; maybe there is suspected criminal activity. You deserve to be happy in the home that you have bought, but because you cannot make bad neighbors move, you will have to make the move yourself. Depending on how bad the situation is, you may want to look for a house quickly. It helps if you tell the neighborhood association why you moving, and maybe register a complaint with the local authorities.
These are just some of the reasons you should start looking for a new home. Each situation is unique and you may find yourself leaving a home that you have loved for many years for none of the reasons listed here. When the time comes, do not resist it – you may lose more than you gain.
Contributor Profile: Written in behalf of For Sale For Lease Pty Ltd – one of the leading FSBO real estate agencies in Australia.