If you’re considering selling your home this year, there are many factors to consider first. From timing and your financial portfolio, to your home’s equity and down payment.
Here are a few things to consider before you list your home:
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 to downsize.
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 buying or selling a home.
Home equity. 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.
Home improvement. Even with luxury homes, plan for a reserve of money 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.
- before you list
- Geist Luxury Living with Kim Troyer
- hire a pro
- hire a real estate agent
- hire a real estate pro
- hire a Realtor
- home equity
- Keller Williams
- Keller Williams Realty
- listing your home
- Luxury Living with Kim Troyer
- make a move
- selling a home
- selling your home
- time to move
- upsize or downsize
- work with a pro