15th March 2022
Each and every property has a different purpose in our lives. For some, houses are our home base for a lifetime and you may be in your ‘forever home’. For others they are just ‘for now’ in the short to mid term.
As life plans change (and never have we seen that more than in recent years), there are events and opportunities that can take us in a different direction to what we envisioned, or we simply outgrow the space or look for different scenery.
Whatever the case may be, if you’re feeling nudged to sell your home but you’re not sure if it’s the right move yet, Clements Estate Agents have put together some key indicators that it may be time for you to consider a move.
The marketplace is booming
If your main aim is to make as big a profit as possible with your house sale, the best time to do this is in seller’s market.
So how do you know if the seller’s market is booming?
Often agents can feedback to you if this is the case but we always advise you to DYOR (Do your own research). You may see an increase in for sale boards in your area.
If you are keeping an eye on properties online, you will see that they are being snapped up fast and often at the asking price. Throughout the year figures are released by the Halifax House Price Index and Nationwide House Price Index and are often featured in the media. You can quickly find out what your property is worth now by visiting our Instant Valuation Tool.
You are in a good position financially to act.
If you are thinking about the big decision to sell your current home and look to buy another property, it is always important to ensure that your finances are in order first.
This is never more so than when you are upsizing and looking at larger properties or property in more expensive areas.
When applying for finance and a mortgage, lenders will look closely at your finances as they have to be sure that you can afford the property.
So if you have some debt to pay off, whether it be credit cards or loans, we would always suggest you try to clear these first as it will help with your mortgage applications.
Upsize or Downsize?
Very few people will remain in the first property that they buy. People often start out with the home they can afford and work their way up and down the ladder as their life changes.
You may have outgrown your current home and this is often the biggest sign that it’s time to sell.
If you have recently had children or your lifestyle has changed since you bought the house
it is easy to outgrow the space, and a bigger home would benefit you and your family significantly.
With home working now on the increase, if you’re now working from home then space for a home office may be on your list of requirements. Or just more space outside for the kids to play or for you to socialise throughout the year.
Or the opposite and maybe your home is too big for you as children have left home and you need a smaller property that suits your requirements. This can be more affordable as downsizing would potentially allow you access to any equity if it was built up or mean lower mortgage payments and homeowner costs. This would take away the additional financial pressure and would mean more money for other things.
You don’t want to deal with maintenance.
Are you in an older property that requires regular maintenance or a property that simply requires too much work. It may be that you simply don’t want to own a home and everything that goes with it and would prefer to rent whether that be in the short, mid or longer term?
Maintaining a home is a big responsibility and requires lots of time, energy and money and it may be that you’d prefer to move to a smaller property, or a new build that requires less maintenance.
Are you ready?
Here at Clements Estate Agents whilst working with you can certainly take some stress away and ease any burdens, we have to be honest and say that the process of selling your home is not always plain sailing.
It's also an emotional journey, and you need to be prepared for it. You need to put in the time, effort and energy to prepare the house for viewings. You also have to be ready to tidy up your home and make it presentable for viewings.
With all this advice its important to remember, the decision is yours.
So take your time, do your own research and most importantly when it feels right for you, speak to us here at Clements Estate Agents and we can help you sell your property.
If you’re not quite sure about selling yet, there are other options to consider.
You could always rent your current property out. You would have the added responsibility of being a landlord.
Or you could also stay put, remortgage and enjoy making more memories in current home.
If doing this you should have a financial health check to make sure you have the best mortgage rate available as you may be able to.