If you are asking yourself, “Should I sell in today’s real estate market?” then you are not alone. After last year’s wild ride most people are nervous about the real estate market today. The other questions you need to ask are:
Why am I thinking of moving?
Where do I plan on moving to?
When would be the best time?
What will it cost to move?
The answers depend on your personal circumstances:
Do you need to downsize to take money out of your house?
Many people do and the house they are currently living in as way too big and expensive to run for their current needs. As real estate professionals, we can advise you on smaller homes or condos which will suit you better. We can figure out all the costs of the move and what your monthly expenses will be in the new home. This will make the decision much clearer.
Do you need to move to a one level home?
Is your family out growing this home? Or is the current home in the correct school catchment area?
There are numerous reasons and here are some things that may help you to decide. The first thing to do is figure out all your expenses per month, then the value of your current home. Also, figure out what it will cost to make the move including all moving, real estate, lawyer, taxes etc.
Figuring out our monthly costs per month
Add up your costs for all utilities, taxes, repairs, child care, transportation, mortgage and insurance to figure out what you really spend per month on living expenses. If they add up to more than 1/3 of your monthly income then think about downsizing or moving further from the centre of town. It might be to a smaller community within commuter distance. Be honest with yourself. You don’t want to go into debt each month when a onetime move could alleviate this money problem.
If you can’t Do Stairs Anymore
Consider looking into condos, bungalows or modular homes. These are great alternatives to larger 2 storey homes. Many buyers trade even with the move while others get money out of their current home as most of these homes are smaller.
Look into getting a stair glider which will keep you in the home. Other things to look into are putting a laundry and 3 pc bath on the main floor and using say the dining room as a master bedroom. Many homes can be rearranged to suit your present needs. Bathrooms can be retrofitted to suit a person who needs a seat in a shower for example.
You can buy or sell in any real estate market. It just takes good real estate agent to view your home and give you an honest up-to-date market value for the price on your home in its present condition. The agent can also give you another price if you fix up or renovate areas in the house which need looking after. This can be a huge difference as most buyers don’t want to any work. They are looking for homes that shine and all ready to move into.
Wes Ayranto and Shirley Arthur
We are only part of the Wes Ayranto team which is here to help you in anyway we can.