Home owners faced with financial or personal problems sometimes sell their homes for the wrong reasons. The Truth is, the homeowner might have been better off, had they thought more about their situation and considered some alternatives.
Before putting your house on the market; think about why you are selling your home, consider the alternatives and carefully weigh-up the pros and cons of selling.
Here are 3 common reasons for selling with some options to consider:
REASONS FOR SELLING #1:
The expensive monthly mortgage interest loan payments on your home are too high.
Alternative Solution: Refinance your current home loan.
Pros: If you have owned a home for several years and have not refinanced, you may be able to refinance the mortgage at lower interest rates and significantly reduce your monthly loan and/or interest payments.
Cons: Refinancing essentially resets the clock on your home loan. This may cost you money over a period of time; however it is worth doing the calculations.
REASONS FOR SELLING #2:
No money available to upgrade your existing home.
Alternative Solution: Refinance or consider applying for a home renovation loan.
Pros: Renovating and improving your home can increase the market value of your home. Renovating could prove to be a good investment for when you do decide to sell.
Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on the laws in your country).
When selling a property, being in a state of indecision can be very frustrating and can cause needless stress. Not making a decision, or making the wrong decision, also has its downside. Think carefully about your reason for selling your home – think about the alternatives – then consider the pros and cons before you rush in and put your house on the market. And remember; regardless of your reason for wanting to sell your home, it usually pays to talk your ideas through with a financial adviser.
REASONS FOR SELLING #3:
Need more space than is available in your current home.
Alternative Solution: Consider remodeling your existing home rather than buying a new property. A more open-plan style may provide more living space. Consider enlarging, or adding a bedroom or bathroom to your existing home.
Pros: Remodeling should improve the resale value of your home. It will also save you real estate agents fees and other costs associated with moving house. You may need to use your home equity to finance the project.
Cons: Remodeling your home may mean an increase in the property taxes you pay. There is also the danger of over-improving your property. Some people fail to recoup their investment when they come to sell their home. So think carefully about what remodeling will (and will not) add to the value (or resale potential) of your home.
Both the real estate agent and the home buyer know that your level of motivation will be the driving force in the home sale. They will want you to reveal how urgent the deal is and how negotiable and flexible you are with selling your home.
Whatever your reason for selling, it is important to do it for the right reasons (hopefully positive).
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