If you are a homeowner who has seen prices soar in this unprecedented real estate market, you may be considering selling your home. Finally, you might be impressed by how much the value has risen and how a payout could seem sensible.
Unfortunately, once you have agreed to the sale you cannot withdraw from your decision and you will have to face the consequences. In some cases, you might regret your choice – and you don’t want this to happen to you.
To make sure you didn’t wish you hadn’t sold it, watch out for these warning signs that marketing your home could be a decision to complain about.
1. You haven’t looked for new accommodations to move to
While the rapid rise in home prices in recent years may be good news for you as a seller, it is important to remember that you as a buyer are also grappling with high prices. In many parts of the country, the population remains limited. This means that after you sell your current home, you may have few options for buying new property in your price range.
To make sure that you are not disappointed with your options or that you don’t have a house to move into after the sale, the first thing to do is see what’s on the market. If you find that even with the proceeds of your old home you can’t afford a new apartment you like, then maybe you better stick around for a while.
2. Your home has features that are difficult to replace
If your home has many unique features that are difficult to replicate, such as beautiful views or a large lot, you might end up regretting the decision to sell it.
Think about the things you love most about your current property and estimate the chances that you will be able to recreate them after you move. If you won’t be able to replace the best things in your home, take the time to think seriously about whether you will end up regretting moving.
3. You may not qualify for an affordable mortgage
Unless you are able to generate enough income from the sale of your current home to purchase a new property without a mortgage, you will need to apply for a home equity loan to buy your new home.
Mortgage rates remain competitive for now, despite rising from record lows. However, you need to qualify for one based on your creditworthiness and income. If you don’t have the financial qualifications to qualify for a new loan, you may not be able to buy a home after selling your current property.
You don’t want to get into a situation where you can’t find a home that you want to buy in your price range, can’t get credit to buy a home, or regret having given up on something unique that your home was irreplaceable. Before deciding to take advantage of a hot housing market, take the time to really think about what will happen after your home is sold and make sure that you are happy with the outcome.