Deciding to sell your home is a big decision in several aspects. It’s a big financial decision, emotional decision, and requires family considerations. This decision should not be taken lightly and should be weighed heavily before making the call to your real estate professional to list your home. Listed below are 3 things you should consider before consulting with a real estate professional.
1. Why are you moving? Are you preparing to upgrade to a larger and potentially more expensive home? Are you preparing to downsize because a larger space is no
longer needed or manageable? There are numerous reasons people consider selling their home. Evaluate your particular reason or reasons and make sure a home sale is the right solution. You don’t want to waste your time and efforts preparing a home to sell and then deciding you are not really ready.
2. Consider your current financial situation. Do you have enough equity in your current home to absorb the cost of transitioning into a new home? Even if you have equity in your home for a down payment on your next home, will you credit qualify for a new purchase. Is your current debt ratio within the guidelines for a new home? What will your next move require financially?
3. Do you have the cash flow to invest in getting your home ready to sell? Consider what repairs may be required for a buyer to obtain a new loan. Are you able to fund those repairs or updates upfront to get your home sold?
The emotional impact on children may also be a huge consideration. Older children may find it hard leaving child hood friends and starting at a new school. Having the discussion about moving with all those that will be impacted is a good way to bring to light issues important to all and uncovering resolutions to challenges that may arise from making a move.
If you would like to find out more about the selling process or get a free home valuation. Please contact us at 615-534-2511.
