Many factors should be considered before you list your home. From timing and your financial portfolio, to your home’s equity and down payment.
Here are a few things to consider before you list:
Upsize or downsize. If your family is expanding, you may need an additional bedroom or two, making it “the” time to start looking for a new home. On the other side, if your children are heading off to colleges and you’re ready to downsize, it may be the time to sell your home.
Debts and savings. If you’ve eliminated non-mortgage debt and have up to six months of expenses saved, you’re in a good place to consider a home purchase. Having an emergency savings is always important, and especially when considering a home buying/selling move.
Home equity. Twenty percent. If you’re home equity is at least at 20%, you’re in a good place to buy a new home. Having 20% down (or more) on a home allows the removal of PMI (private mortgage insurance) which could save hundreds of dollars each year. That’s why twenty percent is the “go to” number in the real estate industry.
Home improvement. Even with luxury homes, you’ll need to have money saved for expenses in home improvements. From updating paint colors to refreshing landscaping areas, it helps to have a home improvement savings. Additionally, be prepared to pay moving expenses to get your items safely moved to your new home.
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