Determining whether or not you should sell your house can be a tricky thing. Even if you’re not happy at your current location, it may not be the right time to make a huge financial decision like selling.
It depends on your financial health at the moment and a few factors having to do with the house. If you’re asking yourself “should I sell my house,” we’re going to pose a few questions for you to answer yourself.
Our goal is to give you a fresh take on whether or not you should sell, hopefully, allowing you to make a more informed decision.
Let’s get started:
“Should I Sell My House?” 7 Questions to Ask Yourself
There are a million reasons to want to sell your house, and they’re all valid in certain circumstances. That said, sometimes it doesn’t make the most financial sense.
Other times, financial sense doesn’t matter and you just need to sell house quick for cash.
Whatever the circumstances, take the following 7 questions into consideration.
- “How Much is My House Worth?”
The first thing you’ll want to do is get an appraisal on the worth of your home. There are a lot of internet assessments that take the value of other homes sold in your area and base your home’s projected worth upon those values.
This can generally give you a decent idea of the value of your home unless there are distinct differences between your home and the homes around you. Size is one huge contributor to that price, but other specialty factors should be considered as well.
The home value fluctuates regularly, and it’s important that you get an updated estimate before you start to think about the kind of money you can stand to make from selling.
- “How Much Equity Do I Have?”
Equity refers to how much of the value of the home you’re entitled to. If you bought your home outright without a mortgage, you would have 100% of that home’s equity.
Most people, on the other hand, are tied to a mortgage and don’t have the complete value of their home in equity. Your equity will be more or less depending on how much of your mortgage you’ve paid off.
You probably know all of these things if you’ve already taken out a mortgage, but sometimes it’s nice to have a brief refresher and reminder to take into consideration.
- “Why Do I Want to Move?”
What’s your primary reason? Is there a force that requires you to move or do you simply want a little something different right now?
For example, a new member of the family might require you to seek out a new home and sell your old one. Additionally, career decisions might require you to move.
It’s also possible that you’re bored with your home and your neighborhood and want to experience something new. If your reason for moving isn’t absolutely essential, then it might be a good idea to sit back for a while and see if that feeling fades.
Not that you shouldn’t move, but it’s often costly and stressful to move and it isn’t something to do without taking some time to think. If you’re still aching to move in six months, you should revisit the idea.
- “What are the Costs of Selling?”
It’s generally agreed upon that it costs somewhere around 5 or 6 percent of your home’s value to sell it.
That’s pretty significant. It makes sense, too, when you consider things like staging, renovations, real estate agents, concessions, closing costs, and the cost of moving. Those are all essential pieces of the moving and selling process, and they’re expensive.
So, that’s a good deal of money lost. That said, you might be savvy enough to save a lot of money in that process. Whether you’ve moved enough to know the ropes or your house is in excellent condition, the situation could be different for you.
- “What if It Doesn’t Sell?”
There’s a very real possibility that your house could be on the market for a significant amount of time. This is why it’s so essential to wait before you make an impulsive decision to sell your home.
There’s a long process of waiting and paying and trying to make things work. The average time on the market for a home was about 85 days in 2019.
That said, you may or may not fall into the quicker or longer end of that bell curve. So, just be ready for a little wait time in your selling process.
- “What Condition is My House in?”
This is a big one. If your house has depreciated significantly since you bought it or took the mortgage out, you should consider the cost of repairs.
If you’re a handy person and can make the repairs yourself, that’s excellent. If you’re like most people, you should seek out bids from contractors in your community who can take care of the job.
Get an idea of how much those repairs will run you and see if it cuts too deeply into your bottom line. If the repairs are too significant and you don’t want to deal with the process, there’s always the potential to sell your home as-is to a person or company who will buy it for less.
- “Will I be Better Off?”
The most important thing to consider is whether or not your life will be better after moving. Sure, the idea of getting out and entering into a new place is really exciting.
That said, moving is a very significant, expensive, and time-consuming process if you haven’t done it before. Make sure that you’re doing the right thing for you and your family at this point in time.
As financial situations improve, the value of moving improves as well. On the other hand, moving is a lot more painful and stressful when your bank account doesn’t allow the process.
In the Moving Process?
If your answer to “should I sell my house” is yes, we’re here to help you settle into your new digs. You deserve to turn your house into your happy place.
Explore our site for more tips on moving, interior design, and turning your space into the best possible version.