7 Undeniable Signs That It is Time to Sell Your Home
The Canadian Real Estate market is an everchanging being, no one will be able to fully predict how the yearly market will turn out. We hope to see interest rates starting to fall, in-turn increasing the inventory, but nothing is guaranteed. Since we don’t want to get caught up in the predictions, let’s back it up to the things we do know and discuss what signs you could be seeing that indicate it’s time to sell your home.
When to sell your home is not always the easiest question to answer. Though we do know that most people will not live in the first (or even second or third) home forever. In our experience personally and with clients, the process of selling your home can feel like a break-up. You have shared many memories within your home’s walls, likely some important life milestones, and it is easier said than done to say goodbye even though you know that it was not meant to be your forever home.
Sometimes it is life changes that force the time to sell your home to the present moment. But without pressing reasons directly in front of you, it can be hard to know when to sell your home. Which is probably the exact reason that you found our blog today. Here’s 7 signs that it is time to sell your home.
1. Outgrowing Your Home
Whether your family is growing, or you simply just need more space, this can be one of the top signs that it is time to sell your home. Lifestyles are constantly changing throughout the different stages of life and that can cause you to outgrow your home. Before making the jump to a bigger home, you may want to see if you can try purging in areas of your home to free up space for what you need from your current home. You can also look at what areas you can improve (if possible) to provide you the space you desire – for example finishing the basement, utilizing the attic for storage, or adding an addition to accommodate your needs if your local building laws allow such improvements. Be sure to check with a real estate agent to ensure that these changes will bring you a return on your investment when you do sell in the future, we talk more about that in sign 6.
2. Your Home Outgrowing You
On another hand, maybe you have too much space to maintain. This is the other top sign to tell when it is time to sell your home. We see this most frequently with empty nesters that become overwhelmed by their empty rooms and the new silence found throughout their homes. Yes, when we become empty nesters, often we fill a room or two with the things that we always wanted to account for like a home gym, or a hobby room. But with an excess of space, it can feel like it no longer makes sense to consider downsizing. Say goodbye to the yard work and house upkeep and welcome the sense of freedom of time (and often expenses) by choosing an option to better suit your new needs.
3. Personal Life Changes
Major personal life changes are always on the top of the list when homeowners want to sell and find homes that better suit their needs and wants. Maybe your family and friends just moved away, or you want to expand your family to include a furry friend that needs a backyard to enjoy, or you have aging family that need to be taken care of, or children’s needs come into play, or your home now has a few too many empty bedrooms. All these changes can factor in the decision to change your living situation and demand that it is time to sell your home for one that better suits your needs.
4. Professional Life Changes
Perhaps you have found a new job that requires you to make room for a home office, or they are outside of your current area, so you need to relocate. Or maybe quite simply you are tired of your current commute and would like to live closer, possibly close enough to walk so you can get rid of a vehicle expense. Whatever the case may be, many people choose to alter their current living situation to accommodate their professional lives.
5. Neighbourhood Changes
Is your neighbourhood changing in ways that don’t align with you? Personally, we completely understand. It could be traffic congestion increasing, or rising crime rates, or maybe you have new neighbours that are affecting your quality of life. There is no rhyme or reason to these external factors, but they do give good cause to the case of selling your home and finding a more favourable area to live.
On another hand, you could absolutely love the area you currently live in, but the kids need access to certain school districts. This is not an uncommon reason to consider that it is time to sell your home. Whether you would like you children in a private school or a particular program within the school boards, some areas simply cannot provide them access to such things which will cause you to relocate. We like to suggest to clients that are not quite at this stage in life but do wish to come to this stage in life, to consider these things when initially looking to buy a home.
6. Remodeling Won’t Offer a Good Return on Investment
We all know that updating your home should be a smart investment for when you decide to sell in the future as potential buyers like to skip doing the work themselves. Although, depending on your location and the homes surrounding yours, that might not actually be the investment you think you are making. Before making significant improvements, you must do your research of your neighbourhood. Look for similarities in style, space, and condition. If your home is similar to some of the highest priced homes in your neighbourhood, it might be best to hold off on remodeling and consider selling exactly the way your home is now. Speak with a local real estate agent that you trust to give you the guidance and know-how to make the most informed decision possible.
If you do see value in renovating your current home before selling, check out our Financial Guide to Renovations and we even have advice about the top Renovations That Pay Off.
7. Overwhelmed By Home Maintenance
Being a homeowner is no small feat. The average homeowner spends $6,000 a year on maintenance services & repairs. Keep in mind that this statistic is based upon the minimum upkeep for a home like landscaping, snow removal, septic services, and housecleaning. Fairstone has three great budgeting tips for you to consider implementing for your home.
But maybe you don’t want to think about the extensive list of maintenance costs anymore when it comes to owning a freehold home. This is a sign that it is time to sell your home and buy something with lower maintenance. We suggest looking into condos the best route to take. Yes, condos have fees, but most times these fees cover your utilities, upkeep of common areas, and a portion to the reserve fund. Although, you will never have to worry about having to shovel the walkway or mow the lawn again. Plus, you will gain access to any on-site amenities that could cancel out other off-site memberships fees you may have depending on the buildings amenities. Condo living is beneficial for those looking to simplify their life, prioritizing things that matter most to them, and offers a bit of flexibility – they are great if you are a traveller.
Our top three tips to get you started on your home selling journey are to clean up outside, freshen up inside, and be sure the price is right. Well-manicured curb appeal can make the difference when the market is in full swing, but don’t over do it with the flowers because some buyers may think about the maintenance of the gardens. Freshening up inside does not mean that you need to renovate top to bottom, you want to ensure that your home is free of clutter, clean, and aesthetically pleasing. Pricing is ultimately where your home can soar or fall, we have seen many homes that were overpriced and did not get the traffic that it deserved.
Thinking that this spring may be time to sell your home? Let’s take a deep dive together and we’ll explain the spring market to you. As always, we are here to chat and give you our professional opinion of your home, just send us a message.