Your house is among the most valuable assets you possess. Unlike shares of stock where buying low and selling high is just all part of the business, there is more emotional value invested in a home. Most people who sell their homes see it more as a lifestyle decision than a market-driven one.
Here are tell-tale signs that will justify the need for you to sell your house:
You have outgrown the house
You most likely purchased your first home as a single person. Next thing you know, you’re married and are planning to have kids. Ideally, the price of your home, as well as your family’s income, would have increased in the time that you’ve lived in it. Upgrading to a bigger house would be a feasible option.
Even if it may not be the best time to put your home up for sale, given not-so-ideal market conditions, living arrangements at home may become more stressful. This becomes even more stressful now that families are still recommended to simply stay at home in this pandemic. In cases like this, it is sometimes best to opt for a larger space at the soonest.
Your home doesn’t suit your current lifestyle
Perhaps you and your partner have opted to work from home and are looking to have proper home offices for each other. For older adults, this could mean having to deal with the empty nest syndrome or stairs that feel more like a mountain to climb. If your home is no longer serving your changing needs, it may be time to reassess.
Your house is cutting into your finances
Paying the mortgage is just one expense of owning a house. Other fees such as home insurance, property taxes, utilities, private mortgage insurance (roughly 0.50% and 1.2% of what you loaned), household maintenance, and lawn upkeep can drain you financially. There are also maintenance and repair costs to think about.
You need to set aside 1-3% of your home’s purchase price annually into a separate savings account to be allotted solely toward maintenance and repairs. Unfortunately, not everyone can keep up with all these costs and could end up house rich, cash poor. If after looking into your finances you find that you’re spending more than a third of your income on housing costs, then it’s time to reassess if you still want to keep your home or not.
Your neighborhood no longer suits your needs
There may be changes in your neighborhood that have lessened its suitability for living in. For example, if you’re a young couple with kids nearing school age, you realize that playgrounds or schools are far from your home.
It could also be that recent development in your neighborhood like a new condo has been built next to your home, essentially blocking your view of the sunset that initially served as one of the reasons why you bought that home. Not only has it lessened the desirability of your abode, but it could also mean a decrease in its value.
If these changes have sparked your desire to sell your house in Denver, you will need a trusted professional to guide you as you proceed with this real estate transaction. For the most reliable and stress-free experience, get in touch with me. I’m Anne Dresser Kocur – call me at 303.229.6464 or send an email to adresser(at)livsir(dotted)com. It will be a joy to help you!