When It’s Time to Sell the Family Home

Most people, at some time or the other, find themselves asking whether it’s time to sell the family home. The children may have gone off to college and homeowners start looking around wondering whether they really need all that space. Before you make a final decision, there are certain aspects you need to keep in view because it is quite a major decision. Some of the things you should be taking into account include:

Calculate Exactly How Much Equity You Have In The Property

Today, most baby boomers are saddled with mortgages and have very little equity in their properties that they can tap into. In such a situation, moving might not be the best decision. In order to determine exactly where you stand, it important to hire the services of a real estate broker. This professional would evaluate the property well before you put it on the market.

It’s important that you ask what the net value of the house would be after upgrades that you need to make to ready your house for sale.  You also need to factor in the broker’s fees. Take into account moving costs and whether those would have to come from the profits you make from the sale.

Look For A New Home Before Selling The Existing One

It isn’t always easy to synchronize moving out of one house and moving into a new one. Real estate prices are constantly ebbing and tiding, and interest rates are on the rise as well. All of these aspects make some markets very tough. Before you decide to sell, it is important that you have some idea about what you are looking for in your new home and the amount you would have to pay for it.

In addition, you also have to spend a certain amount of time and conduct research about the new neighbourhood. After all, you need to enjoy living in a new place and it would be a major change in your retirement years. If possible, try to spend a couple of weeks in the new area before you make your final decision. It will give you a better idea about whether you find the place suitable for your lifestyle.

Consult Your Accountant

Moving brings with it certain tax implications. For example, if you sell your property, you might be liable to pay capital gains tax on the profits (The amount would depend on whether you were married or single). If you are moving to another state, social security income might be taxed, and the property taxes may be either lower or higher. All of these factors will impact your monthly budget and your accountant will help you understand what these are.

Consider What The Costs Would Be If You Stay

Even if you continue to live in your existing home, there are certain costs you need to take into account. Maintenance costs including housekeeping, repairs, and landscaping upkeep are just some of them. You also have to take into consideration whether there would be any major expenses a few years down the line. Things like a chair lift to get to the upper floors, or installing a new roof are some of the things you need to take into account. Having a clear view about these expenses would give you a better idea of the stay versus move equation.

Taking all these aspects into consideration and maintaining a very objective view will put you in a better position to make an informed decision. Get advice from a credible real estate agent. Consider what your requirements and needs would be a few years down the line and then decide whether you still want to sell your family home.

Whether you’re looking to buy or sell in the Kamloops area, for a greater probability of success you need a dedicated professional. I can guide you through the process and be counted on to protect your investment!

Categorised in: Kamloops, Real Estate, Sellers, Sellers

This post was written by kamloopshomesearchcom