Is It Time to Sell Your House?

Is It Time to Sell Your House?
  • Opening Intro -

    The housing market has largely recovered from its downward spiral, with most homeowners seeing prices stabilized and even rising over the past few years.

    A strengthening housing market means people are once again considering buying and that means your house may be ready to sell as well.

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As for your personal desires, there are certain reasons why you may want to move on as well as reasons why staying put might be the best option for you.

Fairer Neighborhoods

Not all neighborhoods are alike. The differences between them, even within the same zip code, can be dramatic. Some neighborhoods have association compacts, what keeps homes universally tidy and home values up. Other neighborhoods are not so restrictive and offer a hodgepodge of home styles, conditions and property sizes.

You may simply have tired of your neighborhood and are ready to move on. The appeal for “greener grasses” may only be enhanced by a neighborhood that you like, one that you would like to make your own. If this is the case and your finances permit, then you’re ready to put your home on the market and make your move.

Room is at a Premium

When you purchased your home, 1,600 square feet of living area seemed perfect for you, your spouse and your first child. Since then, two more children have arrived and your living area is not as livable as it once was. Sure, you could expand your home, but a renovation project would cost you much time and money. It may be better to look elsewhere for a home.

Consider your current needs and project your growing needs for the next five to 10 years to find the house that is suitable for you. With three teenagers underfoot, you may discover that an additional 1,000 square feet of living space is ideal, especially if you want room for guests. Keep in mind that your next home, if you can afford it, may be a temporary move until the children are grown. You can always downsize later.

Your Money Considerations

Inasmuch as moving may be desirable, your personal finances may have a big say whether such a move would be wise. There are many costs to moving including real estate agent fees, moving van costs, adjusting to the new home by purchasing furniture, legal fees, higher property taxes and other expenses that a new neighborhood may bring.

This is where working on a budget can help you determine what you can reasonably afford. Even if banks approve you for a bigger mortgage, that does not mean that you can afford it or even want to. Larger monthly payments can siphon money from elsewhere, perhaps hindering the growth of your college and retirement funds, and even day-to-day things such as affording cable, pool maintenance, and eating out may be squeezed out.

What a Renovation Costs

Maybe your neighborhood isn’t half bad. You’ve grown attached to the people you call your neighbors and your local school is a familiar place for your children. You may not be thinking about “aging in place” but you can imagine yourself staying put at least until the children are grown.

This is where a home renovation project may make perfect sense. Hire an architect to design a new look that upgrades your home accordingly. The blueprints may reveal much potential in your current home, effectively allowing you to stay put and enjoy your home. Keep in mind that there will be a cost and inconveniences with renovating, but the result may be more desirable than packing up and moving to a new neighborhood.

All Options Considered

If your home is still too small, but you like your neighborhood, then consider another alternative: moving to a different home in your neighborhood, one where the schools stay the same, the people are familiar to you, and your costs for relocating are kept to a minimum.

See Also7 Ways to Survive a Home Renovation

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Categories: Home Renovation

About Author

Matthew C. Keegan

Matt Keegan is a freelance writer and editor as well as publisher of "Auto Trends Magazine", an online publication. Matt covers campus, consumer, business and financial topics on various websites and weblogs, and has been published in the "Houston Chronicle", "Sam's Club Magazine" and "Wisconsin Golfer".