When most people buy a house, they look at it and picture their life in that building. You can go from room to room and let possibilities play out in your mind of what will go where and who will sleep in which rooms. Unfortunately, few people stay in the first home they buy.
There’s nothing wrong with selling, especially if you can get a great deal! Here are the top five signs you should sell your home.
Your Family Is Outgrowing It
If you moved into your home as a couple with no kids and have since had a couple of children, things may be feeling tighter on you. The same can be said for a couple who downsized as empty nesters, only to have their adult children, and possibly grandchildren, move in with them. When you start to see that personal space is hard to get, and multiple children or people share rooms that aren’t couples- it’s time to sell. You can either buy or rent a larger home so that everyone has space to breathe.
You Have To Rent Storage
One in three Americans currently rent a storage unit. Although this might not pop up in a seller closing costs calculator, many people are storing extra furniture there to save until they’re ready to upgrade. Unfortunately, this extra storage rental cost every month is just tacking on another high bill to deal with. It’s cheaper to sell and pay the additional mortgage amount every month of a larger home.
You Miss Traveling
It may sound cliche, but travel can mean everything to some people. This real wanderlust, a deep desire to see the world and experience firsthand what it has to offer, is something that calls out to people from all walks of life. Unfortunately, if you’re tied down to a house and having to deal with upkeep and bills: you can lose your freedom to travel. Many empty nesters sell their home at this point and use the money from the paid off house as financing for their retirement. This gives them the freedom to travel and live comfortably while avoiding having to stay still.
Some people may agree to buy a house thinking they can afford it and then realize down the line they have no money to spend on anything except the house. This situation is called being house poor and can leave homeowners feeling helpless and lost. Unfortunately, these people’s best idea is to sell their home and either rent or try to find a more affordable house to buy.
It’s Too Much House For You
Although this isn’t a problem, many ever think they could experience, having too much house for yourself is very common. Empty nesters experience this when their children leave for college, and so do newly single people who won the home in their divorce. Too much house can leave you feeling isolated, lonely, and swallowed up by chores and work to do. If you feel like your home is swallowing you whole, it may be time to sell and downsize or rent.