You’re not happy. Your home is too small, or too old, or you can’t figure out how to use that weirdly shaped spare room. Over time, we can come to hate a space that we once were really excited to move into. However, the answer to “Should I sell my home?” can’t just be based on whether you love or hate your home.
Even if you’re unsatisfied with your property, it might not be the right time to sell. Before you call an agent, consider asking yourself these questions as you decide whether to stick it out our get out.
Could you rent it out?
Just because you don’t want to live in your property anymore doesn’t mean you need to sell it. After you ask yourself “Should I sell my home that I hate?” ask yourself “Or should I just rent it out?” Your property may be perfect for someone else who is willing to pay enough in rent to cover your mortgage. You could even turn a profit renting out your home. Keeping your home as an investment allows you to escape without having to undergo the process of a sale. You may want to move back in later, or you may find a more opportune time to sell.
Do you have enough equity to sell?
If you hate your home but you don’t have a lot of equity, selling might not make sense. Equity is the percentage of your home that is paid off. If you have recently taken out a second mortgage or if the housing market has taken a dip since you purchased the home — you might not make much money if you sell right now. In these cases, it can make sense to stick it out and wait until you pay down more of your principle balance before you sell.
Is it a seller’s market?
In a seller’s market, there are not a lot of homes available. This give you the advantage. You’re likely to get multiple competing offers and have your pick of buyers. This is a good time to unload your property if you’re unhappy. On the other hand, if there are a ton of houses for sale near you, it might not be the right time to sell. Especially if the other properties being listed have better amenities than your home.
Can you make repairs or additions?
Wondering “Should I sell my home?” because you just don’t have enough closet space? Before you call an agent, consider ways you can change your home to make it work for you. Home equity loans can be used to complete repairs or make additions to a property. If it’s too loud, consider putting soundproofing in the walls. Maybe a deck in the back will make your home’s usable space feel bigger. Don’t give up on your home without some creative problem solving first.
If you really hate your home and can’t sell it on the market as-is, try giving us a call. California Family Homebuyers purchases homes in and around Sacramento in all sorts of conditions. You can have a stinker on your hands and still sell it without waiting six months to find a buyer! Call us today to see if we can help you move.