Selling your home can take a while if you are unsure whether you should sell it or not. Consider these signs to help you decide whether it might be the time to sell your home or not.
Here are the 6 signs why it might be the time to sell your home.
1. You Need More Space!
If you’re feeling cramped in your home, whether due to adding family members or accumulating more possessions, it may be time to consider moving. As your family expands, you will likely require more space, not only for people but also for all the extra belongings. If you find yourself feeling suffocated in your current home and adding an addition isn’t a viable option, it may be time to make a change.
2. Empty Nest
If your children have left home or your current residence feels too spacious, it could be a good decision to consider downsizing to a smaller dwelling. Apart from needing less upkeep, a smaller home can help you cut down on utility and property taxes. Additionally, clearing out accumulated possessions can offer a significant sense of relief and may even generate some revenue if you choose to hold an estate sale. As you age, cleaning and maintaining a large house and yard can become progressively overwhelming.
3. Your Community Has Changed
The neighborhood you once moved into was peaceful, consisting of only a handful of families. However, with the passing of time, it has transformed into a bustling area, a coffee shop on the corner, and a constant stream of people and traffic. It’s possible that crime rates have surged, or the introduction of contemporary homes has impacted your property taxes. If you no longer have a deep affection for the community you reside in, it may be worthwhile to consider relocating to a place that you truly adore.
4. You Can’t Stand The Weather
Do you frequently gripe about the stifling heat and humidity or the never-ending snowfall in May? It’s not ideal to dwell in a location that doesn’t suit your preferences. There’s no point in wasting time living in an unsuitable climate. This could be an opportunity moment to sell your property and relocate to a region where you can appreciate pleasant weather throughout the year.
5. Capital Gains
In recent years, property prices have escalated significantly. By putting your home on the market now, you could potentially earn up to $250,000 in tax-free capital gains, given that you have resided in the property for a minimum of two years. Is the home co-owned with someone else? If yes, you could potentially double that amount to $500,000 in tax-free capital gains.
6. You Are Spending More Time Commuting Than With Your Family
Maintaining a connection with your loved ones is crucial for preserving your overall well-being. However, commuting times have never been longer, and individuals are spending several hours every day either driving or using public transportation. In the grand scheme of things, forgoing meaningful time with your family and experiencing anxiety about getting home in time to tuck your kids in at night isn’t the type of memory that most individuals aspire to have. Relocating closer to your workplace can help you save time, money, and reduce your stress levels.