There can be umpteen reasons why you may want to sell your home. From financial to personal reasons, there are many possibilities. However, you should weigh the pros and cons of selling a home at a given point in time. Selling a home is not necessarily a rewarding decision. You may lose money; you may make a nice profit or you may sell the property at a value that ends up being a zero sum game. Here are top five reasons to sell your home.
• Financial compulsion that becomes unmanageable is an obvious reason to sell your home. You may struggle with the mortgage, managing the house including all the property taxes, water bills and quintessential expenses may be unmanageable or you may be in a temporary financial crisis owing to your job, business and other personal commitments. If you cannot manage the financial demands of owning a house, consider selling it.
• You may have outgrown the house or the property may have outgrown you. It is practical reason to sell your home. If you have more family members than you can comfortably accommodate in the house, if several members of your family have moved out and there is plenty of space available or unused and any other similar factor that makes the house too large or too small should convince you to sell your home.
• There are times when you don’t need to sell your home but you must. One such time is when the market is highly in your favour. The property prices may be in the upswing, there may be great demand for the type of property you own in the area where you are, the offered prices may be substantially higher assuring you a handsome gain and similar rewarding developments should propel you to consider selling your home. Don’t expect the market to remain on the upswing forever. Don’t wait months and certainly not years thinking that you can still sell the house in the future and make a handsome profit. Prices can go down in the near future. You need to ride the tide.
• You could consider selling your home if you want a change. Many people move to other cities or suburbs and still hold onto their old homes. Unless you have a plan of returning, you should consider selling it. Being emotionally attached to an old property and holding onto it is only going to cost you more money and there will be fewer returns.
• Finally, you should sell your home if it is financially wise given the phase of life you are in and what your priorities are.