Deciding to sell your property is a big step and, for many, it can throw up an inevitable question…’Am I really ready to sell my home?’
Given what’s at stake, it’s not surprising. Selling up can be both financially and emotionally challenging, so you want to be absolutely certain you’re doing the right thing before you proceed.
Thankfully, there are a few tell-tale signs that will point you in the right direction. If you find yourself nodding away to the points below, now might indeed be a good time to sell your house or apartment.
You’ve built some equity in your current home
Having positive equity puts you in the driver’s seat when it comes to moving home. Without it, things become a struggle that is often difficult to overcome.
By positive equity, we mean the difference between what you owe to your lender and what your home is currently worth on the open market. Say, for example, your property looks likely to fetch £200,000 and your outstanding mortgage is £125,000, you’ll have positive equity to the tune of £75,000.
This sum will help cover moving costs and / or your next deposit.
You’re financially ready to move
Having positive equity is great (some would say essential), but you still need to ensure that you’re financially ready to move. This is especially true if you are moving to a bigger property with a larger mortgage.
The increased monthly mortgage payments are just one part of the equation. Don’t forget about all the other expenses that go along with moving into a new property. Sure, you may be able to cover the immediate costs, but what about making your new house into your home? It’s surprising just how quickly even seemingly small jobs and additional furnishings can add up to a big bill!
Knowing that you’re in good shape financially is a great sign that the time may be right for you to put your home on the market.
Your family is growing or leaving home
Another baby on the way or a grown up child flying the nest are obvious signs, but ones that cannot be overlooked.
Whether you’re running out of space or find yourself with too much, neither are ideal, so now could be a good time to think about selling up and moving on.
For those of you with kids who are thinking of moving up the property ladder, check out this post on moving house with children. If you’re on the other side, you might want to read our guide to downsizing next. There’s loads of information in there, including a step-by-step walkthrough of the entire process.
Your needs have changed
Children coming and going isn’t the only way your needs may alter over the course of your home ownership; there are plenty of other factors that could influence your desire to move.
You may dream of having a garden, for example, or fancy taking on a fixer-upper (take a look at How To Spot A Property With Potential if this you!). You might want pets or need to move for health reasons, whatever the driving force behind your desire to switch homes, having the urge itself is a solid sign that you’re ready to sell up.
Your location no longer suits
Similar to the point above, your geographical needs may have changed since you purchased the property you’re currently living in.
There are countless reasons why people may need to change location, including things such as school catchment areas, relocating for a new job, or shortening the commute for your current one. Some may simply want to move to a better neighbourhood or be closer to friends and family.
Whatever the reason, if a change of location is required, it’s a strong sell signal.
Your neighbours are selling for favourable prices
Knowing that the local housing market is trending upwards is a good sign that the time is right to sell your property, but it shouldn’t be your only reason.
Obtaining a fantastic price is obviously advantageous, but you should tick at least one of the other boxes listed here as well. After all, you’ll still need to buy somewhere...and they would have gone up, too!
Speak to your local estate agent to find out exactly what is going on in and around your postcode.
The housing market overall is positive
Again, this is another solid sign...if you have an accompanying reason to sell. We talk a lot about the modern housing market being driven by the ‘need-to-moves’ among us, and we’re not going to change our tune just yet.
Relying solely on the housing market to make your final decision on whether to move probably isn’t the best idea, but if you have another reason to sell up and are looking for a qualifying factor, this could be the crucial final piece of the puzzle you’re looking for.
Your property is ‘sale ready’
Does your home need any major work or attention? Will buyers run a mile after viewing your property? Naturally, these need to be addressed before you can even think about selling up and moving on. Check out Preparing Your Home For Sale for an in depth look at what needs to be done.
Conversely, if you’ve given your home a lot of TLC over the years and feel as though you’ve done all you can to it, you have yourself a good sign pointing towards putting it on the market.
YOU are ready
Our final point is an important one. Are YOU ready to move home?
We all know that moving home can be stressful, so ensuring that you’re emotionally ready to go through the process is essential. If you are, the time to sell your property could be right now!
If you are thinking of selling property in Wanstead or any of the postcodes surrounding E11, give us a call. Our team of experts are on hand to explain exactly what your next steps should be and to answer any questions you may have. Give us a call or pop into our office on Woodbine Place to find out more.