Making the decision to sell your home is personal. Whether you're relocating, moving to accommodate a growing family or simplifying your life for retirement, selling is an involved process that takes careful planning. Our home buying and selling guide is designed to help familiarize you with the process and give you helpful hints to ensure that your home sells quickly for your top asking price.
If you've owned your home for a substantial amount of time, or if the market has grown significantly since your purchase, you have equity, the biggest opportunity that home ownership provides. Before selling your property, talk to your accountant and real estate professional about the reasons for selling your home. He or she will be able to help you decide the best financial strategy.
Buying A Larger Home
If you own a home, you may want to cash in on the equity and increased market value to create a down payment on a larger home or a home in a more desirable area. In this situation, special considerations must be made prior to selling to ensure that you and your family transition smoothly from one home to the next. You may also want to speak with your accountant about the tax benefits and timeframes involved with 1031 exchanges.
Relocating To A New Area
Relocation is another common reason for selling. In this situation, you will want to sell your home quickly to avoid paying a mortgage on an empty house. Your real estate professional will help you determine the price and marketing plan that will help you sell quickly.
Downsizing For Retirement
You may have found that once your children are out on their own, you have more room than you need, or that your house has significantly increased in value! This may be motivation for you to sell your home, move into a more modest home, or add to your retirement nest egg. Downsizing is another good opportunity to speak with your accountant. He or she can help you plan for this transition in a way that helps you avoid large capital gains taxes.
Due to Physical decline or knee/back pain, a 2 story home may not be appealing. The size of a large yard may also be prohibitive.
A decline in neighborhood condition may be a need to move.
Marriage, divorce, family moving in/out may all be a need for different living requirements.
Some people choose to travel more and like a smaller property to have the option for more mobility.