People will always tell you that it all comes down to preference when you ask the question “should I sell or stay in my house?” While this statement is somewhat true, there are also
objective factors to be taken into consideration. They don’t always relate to the condition of the market and can derive from your own family situation.
People typically have good reasons for such a transaction or lack thereof. Should I sell or stay in my house is a question that will be easily answered if your house is too small for your growing family. If room is scarce then by all means consider upgrading.
Downsizing can also be a very good reason for a relocation. Children grow up and they move on. Often people are left with a large and empty house. Liquidate your equity and buy a smaller and more convenient home.
Renovations can sway you one way or the other. If you have little repair works to take care of then go ahead and deal with them. Larger repairs can be pricey and end up being a big deal. But get this, if you are looking to increase the market value of your home prior to selling it, then renovating is a must. So in other words, repairs are sort of worth it either way. If they are little, then you simply deal with them and keep living there. If they are large and expensive, then invest money in them and get out of there.
Now selling and moving is easier said than done. If you do not have anything lined up then you are definitely rushing into selling before re-thinking it properly. It is best if you approach a realtor who will give you all the details regarding the real estate market’s current state. You want to sell when the price is high and buy when it is rather low. That being said, if you sell in a high market, how are you then going to find anything cheaper? Well, you won’t this is why you also need to have some money in your back pocket. Another option of course, is mortgage.
Going through the ordeal of first buying and selling a house might not be worth the hassle and you shouldn’t overlook that aspect. If you want to do it smoothly then you will have to close two deals at the same time and everyone will tell you that this is virtually impossible.
So if it is not urgent, then don’t do it. You can certainly look for some reasons to stay when the question “should I sell or stay in my house” pops up. If your neighbourhood is close to work and school for your kids is nice then why would you possibly want to get out of there? In case the house size is just fine and there are parks nearby, your situation shouldn’t require any shake ups. If all of this is not true for you, however, then look for a fine deal and move on.