Knowing when to sell your old home and transition into a new one can be a challenge. Whether that means you need to downsize or upgrade or just need a change of scenery, here are some great tips to know when it’s time to buy a new home.
1. Your home no longer matches your life
In some cases, you’ve outgrown your current home or maybe just need a little more space. The same can be true if you need less space or if you’ve decided you live in an inconvenient location from friends, family, or work. Whatever your situation, if your home or neighborhood are no longer a good fit, it’s probably the right time to sell and find a home and location that fits your life.
2. You have equity in your home
Your equity is your home’s value minus any home loans. If the home’s sale price is enough to pay off your current mortgage, plus additional selling costs, and any out of pocket money involved in closing the deal, then it’s a good indication that you can sell.
3. You can afford to move
Yes, you are going to make money when you sell your home, but if you plan on buying again there are going to be costs. This includes applying for a new mortgage, a down payment, potential movers, the list can go on. If you prepare for these costs in advance selling can be a much smoother process.
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