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How do you know when it’s time to sell your home?

By Andrew Bell

Owning your home is often its own reward, but not all properties will be your "forever home." Circumstances like changing jobs, having kids, seeing those kids move out on their own and more will all potentially necessitate moving out of your current home and looking for a new one.

However, not all of those circumstances that can drive such a decision are so obvious as a major life event. There are plenty of other signs that it might be time to move to a different home, including the following:

Your family requires more (or less) space

You may have moved into your home while you were still expecting your first child, or when your kids were relatively young — and the home you bought three, five or 10 years ago might not suit your needs today. Santander Bank noted that the kind of space you need will almost certainly change over time, and while you can sometimes live with feeling a bit "squeezed," there may come a time when you need to move to a bigger space. Conversely, if your kids have all grown up and moved out, you might find that taking care of a big, mostly empty house isn't working for you.

As such, you should occasionally evaluate your needs and think about how your current home is working for you.

Market conditions are good

If you've been thinking about selling, but aren't sure when it would be opportune to do so, it's a good idea to examine the local, regional and national housing markets. Is there a lot of demand for homes where you live? What is the market like where you're thinking about moving? Are interest rates favourable? The answer to all of these questions (and more) will help you determine whether moving now is the right move.

You can combine got equity and savings

Along similar lines, you should also think about how moving would impact your personal financial situation, as explained. If you've lived in your home for several years or more, you may have hundreds of thousands of dollars worth of equity you can leverage to buy your next home. The same is true if you've been building your savings for years, with the idea that you might use it to partially fund a new home purchase at some point in the future.

You simply want a change

Not all decisions to buy or sell a home are driven by finance or need; sometimes, you might just feel as though your current home isn't aligned with your desires at this point in your life. According to Australian Property Investor, when that's the case, as long as you have the financial flexibility to pursue a sale and purchase, you can proceed with your search to find a home that better fits your current wants and needs. Obviously, buying and selling a home is still a big process, one you should not enter into lightly, but you can still go this route for just about any reason.

Before you make any big decisions about when to sell your house, how to list it or anything else, it's vital to talk to a real estate agent who can advise you about the entire process from start to finish. At Ray White Surfers Paradise, our job is to maximise your return on investment and set you up for financial success as you move houses. Get in touch with us today to learn more about how we can help you make the most of your sale.

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