Thinking of selling your home, but not sure that you’re ready? Here are a few things to consider before taking the decision to sell up.
Why sell your home?
First, you need to be certain that your heart is in it. You should sell your home if it no longer meets your needs or if living there is simply making you feel unhappy or discontented. A few specific reasons to sell up could include:
- You don’t like the location of your current home: You can make improvements to your home, but there’s little that you can do to change the area. Selling up could be a good decision if you don’t like the area. Perhaps you find the neighbourhood boring? Perhaps you’re worried about the local crime rate? Perhaps you find the neighbourhood too noisy? Alternatively, there could be pull factors attracting you to another location such as family ties, better job opportunities or access to schools.
- You’ve outgrown your current home: If your family is growing or you’ve run out of space to store you stuff – and you can’t extend your home – then selling up may also be sensible. A bigger home could be essential to living the life you need.
- You want to downsize: Alternatively, your current home may be too big. You could be suffering from empty nest syndrome and in need of somewhere smaller and cosier.
- You can’t afford your home: If you can’t afford to live in your current home and there’s no way of cutting the bills, selling up could also be necessary. Perhaps you can’t afford to pay for repairs in your current home or perhaps the energy bills are too high?
- You feel you can afford something better: Alternatively, you may feel that you’ve got enough disposable income to upgrade to somewhere more expensive and lavish. Why settle for a modest home when you can afford somewhere more luxurious?
There may be other reasons to consider moving too. All in all, these should outweigh the reasons to stay.
How much is your home worth?
Next, you should consider how much money you will make by selling your home.
There are a few ways in which you can determine the value of your home. The simplest is to get an agent to value your home for you. Getting multiple agents to offer a valuation could help you to get an average figure of how much people think your home is worth.
Another way to value your home could be to use online valuation tools. These tools may get you to fill information on your home such as the location and the amenities to calculate a rough figure. These valuations may not take into account all factors, so may not be as reliable as hiring an agent.
Hopefully, your property will have appreciated in value by a significant amount that you feel you can afford to move. If it hasn’t appreciated as much as you’d like or has stayed the same – or worse has fallen in value – the decision as to stay or sell up may be harder.
Is it the right time to sell your home?
You should also consider whether it’s the right time to sell your home. There are several factors that could make a good or bad time to sell up.
First you should consider the current real estate landscape. Are property prices going up or down and is there an abundance of buyers? Doing your research will ensure that you don’t sell too early – there could be a chance that property prices will shoot up in a year.
The time of the year could also be worth considering. A lot of people are dubious to sell their home in the winter because more people are focused on the holidays, resulting in less buyers – but actually this can be a great time to sell up. Why list your home during the holidays? Well, with all the holiday decorations, your home could actually look more inviting. January and February may be a less rewarding time to list your home.
You should also consider how much of your mortgage you’ve paid off and how much you hope to buy your next home for. If you’ve only been in your home for a short while and have plans to buy something bigger and better, you may want to sit around and gain a little more equity so that you have more money to use as a down payment on a new home.
Finally, you should consider what other events are going on in your life. There will always be something else going on, but you probably don’t want to be handling the stress of selling up while also planning a wedding or looking for a new job or expecting a baby. Get these events out of the way first and then focus your energy on selling your home.
Can you make your home more attractive and valuable with improvements?
Making improvements to your home could increase the value and attract more buyers. If you feel there are improvements that can be made, delaying the selling process could be a good idea.
There are so many improvements that can boost the value and attractiveness of your home. These include:
- Adding an extra bedroom (either by extending or converting unused space such as an attic)
- Renovating the bathroom or kitchen
- Eco-vating (this could include adding insulation or adding solar panels)
- Repainting the walls
You should make sure that you don’t spend too much money on these improvements, otherwise they may not be worth the added value.
On top of these improvements, simply cleaning and decluttering could make a difference. If you feel your home needs a spring clean or is in need of decluttering, you may want to spend a couple weekends doing this first before listing your home.
Have you started looking for your new home?
Starting to look for a new home could also be important. You don’t want to be selling up if there is currently nothing out there on the property market that is grabbing you. It is possible to temporarily rent somewhere until you find a new home – this could be useful if you’re eager to sell up, but some people may see it as extra hassle as it will mean more moving when you finally buy a new place.
I’m ready – what next?
Happy with the value of your property? Don’t want to make any more improvements? Started looking at other properties? Certain that you’re ready to sell your home? It could be time to begin the selling process.
This guide on selling your home offers more information on everything you’ll need to do. Get ready to start the next exciting chapter of your life.