Selling your home isn’t always easy — but attimes, it is necessary.
If you’ve found yourself in a financial bind, ifyou’re no longer happy with the neighborhood, or if you’re facing some job orfamily changes, selling your house might be the best path forward.
Are you unsure if selling your home is theright move? Here are nine scenarios when you might want to consider it.
Your Family is Growing (OrShrinking)
If you’re about to have your first child oradding a second (or third) to the family, or your older kids are leaving thenest, it might be time to sell the house. Use the profits to buy a largerproperty to fit your expanding family or, if you’re becoming an empty-nester,downsize and put the sale proceeds straight toward retirement (and maybe towardthose college tuition bills, too).
You’re Not Happy with YourLocation
Has traffic gotten bad in your area? Is therelots of construction delaying your morning commute? If it just too difficult toget around lately? If so, selling your house might be the best move. Spend sometime researching communities in your area, and hop in the car and explore eachone with the family. Be sure to take into account school locations, commutes towork, highway access and other factors before you opt to buy your nextproperty.
You’re Changing Jobs
A pending job change could require a sale,too. Here are a few work-related reasons you might want to consider sellingyour house:
- You’re changing jobs and theoffice isn’t easily accessible from your location.
- Your employer is changing officesand commuting from your home is no longer feasible.
- Your hours or wages have been cutand you can no longer afford your home.
- You’ve lost your job and need tocut back on expenses.
You’re Nearing Retirement
If you’re getting closer to retirement,selling your home can offer many benefits. For one, it can give you a hefty sumof cash that you can put into an individual retirement account or 401(k), orstow away in savings. Whatever you choose, it can provide much-needed supportonce you’re no longer earning an income.
Selling your home can also make it easier totravel (no more bills or maintenance to tie you down), and if you downsize to asmaller property, it can also cut down on your physical stress as well. A smallcondo, for example, might not require mowing the lawn, or a first-floorapartment could eliminate the need for going up and down the stairs.
You’re Tired of the Upkeep
In the same vein, you also may want to sellyour home if you’re tired of keeping up with its maintenance and repair needs.This could be due to aging or a physical limitation or disability, or maybeyou’re just traveling or working too much to keep up. Whatever the reason,selling the property and moving to a less-demanding home might be a goodoption.
You Need More Cash Flow
One of the biggest perks of homeownership isthat you build equity — equity you can turn to when times get tough. Did youlose your job and have no way to pay the bills? Are you facing sky-high medicalbills or an unexpected expense? Your home might be the key to staying afloatduring financial hardship. Sell it and use the proceeds to keep your head abovewater until you land back on your feet.
The Neighborhood is GoingDownhill
Times change, and neighborhoods do, too.Neighbors move in and out, businesses open and close, and the entirepersonality of a community can shift as time passes. Maybe crime rates are upand school quality has decreased, or you’re just not fitting in with the newwave of neighbors. The bottom line: If you’re no longer happy with theneighborhood you’re in, it may be time to sell.
You Want a Brand New, UpgradedProperty
Are you tired of your home’s outdated featuresand design? Want a home with an open floor plan or the latest smart hometechnology? Simply want to design and build your dream home from the ground up?Then sell your house and buy a new construction property. If you get in earlyenough, you can customize the home exactly to your liking.
The Market is Hot
Finally, you might want to think about sellingif your local real estate market is hot. If homes are selling often and quicklyin your area, it means demand is high. And when demand’s high? Higher homeprices follow. That’s an opportunity to increase your return on investment andreally bring in some profits. Use them to boost your retirement savings or buya larger move-up property instead. Either way, you win.
The Bottom Line
Sometimes, life (or finances) just necessitatea home sale. If you’re at a place when selling your house makes sense, makesure you consider all of your options. Many of today’s home builders areoffering trade-in programs, which allow you to sell your existing house andbuild a new one at the same time. You can also use a real estate agent to sellthe house, or iBuyers like Opendoor, Offerpad and Zillow Offers allow you do itcompletely online. Research your options and choose the route that best fitsyour family’s needs and timeline.
Aly Yale
I’m a freelance writer and journalist from Houston, covering real estate, mortgage and finance topics. See my current work in Forbes, The Motley Fool, The Balance, Bankrate, New Home Source and The Simple Dollar. Past gigs: The Dallas Morning News, NBC, Radio Disney and PBS.
