When to Sell
Tags: house price, selling your home
Moving is not a decision that should be made lightly. The process can involve many steps and a lot of unexpected problems. And most importantly, it can be difficult to decide whether it is the right decision to sell, and if you are doing it at the right time. Before making a decision, ensure that you have thought through all of the ramifications.
Image: Salvatore Vuono / FreeDigitalPhotos.net
Family Concerns
One of the main reasons why people choose to move is to find room for an addition to their family. Or, if you are retiring, it can make a lot of sense to downgrade from a family size home to a condo.
Just remember that choosing a home in this case can be not as simple as finding the right number of rooms. If you are having a child, finding out which school district your new home is in will be crucial. And are there enough services for newborns and children in the neighbourhood? Retirees face similar issues when it comes to mobility services, health care and safety.
Financial Conditions
Your home is likely the single biggest investment you will make in your life besides your retirement. Selling at the right time can help you unlock some of your home’s value.
Problems arise if you are also looking to buy, particularly in the same market as when you sold. A seller’s market may net you a tidy profit for your home, but that profit may be eaten up when you buy a possibly overpriced house in the same market. Moving markets can help you avoid this problem, as can renting.
Your home is your investment
Even if you don’t decide to sell at this moment, remember that where you currently live (if you own), will likely eventually be sold. Ensure that when you do decide to sell that your home gets every cent its worth. This means that you should make sure you are up-to-date on any necessary renovations and upkeep. You may think that leaving it all until you decide to move might be a wise choice, but minor and regular upkeep will likely cost you less than a problem that is left too long and fixed at the last moment.
Enjoy your home
Above all, don’t forget that your home is more than just figures and investments. It’s where you and your family live, and it is a big part of your happiness. Moving simply to squeeze out some profit may not be the wisest choice, particularly as it will involve a lot of costs in the selling such as land transfer taxes.
At the same time, one of the best reasons to move is because you are unhappy with your current place. Your dissatisfaction with your current home may not rational, but just as a place that fits your personality can make you happy, a bad environment can bring you down. Choosing when to buy and sell may involve a lot of financial considerations, but at bottom, it should be about helping you and your family live the best lives possible.
Nelson Goulart
Broker of Record with Signature Service GMAC Real Estate
www.ssgmac.ca
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