Maybe you’ve been on the fence about selling your house. You are wondering if it’s the right time. We have put together a few questions to ask yourself to help you determine if it’s the right time to sell your Chicago home!
What is the property doing for you?
Your house should be doing one of these things:
- The home is your primary residence, somewhere that meets all of you and your family’s needs.
- It is a house you rent to high-quality tenants. It provides a consistent income with low overhead costs.
- You use the property for recreation. Maybe is a place for vacations or a weekend home.
If your house is sitting empty most or all of the time then it may be time to consider selling. Not only is the property costing you the ongoing expense of your mortgage, taxes, insurance, utilities, but you’ll also have to cover the cost of maintaining the property. Maintaining a property that isn’t frequently used is always bottom priority and the deferred maintenance will often times cause your house to deteriorate further overtime and reduce its value.
Is there another property that would better meet your needs financially?
In the world of investing, they call this “Opportunity Cost.” What property are you potentially missing out on because your money is tied up in a different one? Take a look at what’s out there. Is there a better place you could be investing your money?
Do you have “too much house?”
People buy their homes for what they need at the present moment. If you have a house full of kids, you might require a 5 bedroom home. However, down the road, you might not need so much space. Keeping up with a home that is too large can be stressful! You don’t need to live in a house that it too high-maintenance.
Or do you feel cramped?
On the flip side, people often grow out of there space. As families grow and acquire more things, they often require more space. Imagine what having a little extra space could mean for you and your family!
Is this really the house you want to be in forever?
There is no rule that states you need to stay in the same home forever. The beauty of real estate is that you can move at any time you want. Think about your future, a few years down the road. Can you picture yourself in the same place, or do you see yourself somewhere different?
Does the house need repairs?
Maybe you have been living in an older house and you have been having a hard time keeping up with the maintenance. Even a small handful of repairs can add up to a big number pretty quickly and if ignored for too long can cause more damage overtime increasing your cost to make all of the repairs. If you don’t want to spend money and have to deal with contractors then maybe it would be best to find a direct buyer such as Blue Ladder Development that will purchase your property directly 100% as is.
Do you have equity in the home?
If you are able to sell your house, pay off your mortgage, and have some left over to put down on a new house, selling might be right for you! If you are able to get at least 20% down for your new home, even better! If you would like to know more about the current value of your home, call us for a CMA (comparative market analysis) on your property! 630-387-6861
What is owning your Chicago house costing you?
How much are you spending each and every month to own the house? The costs of home ownership go well beyond a mortgage payment. You will need to consider other ways you are spending money on the house such as taxes, insurance, and maintenance.
If you have been thinking about selling, it likely means that it is the right time! There isn’t one answer that is right for everyone! Consider your options and make the decision that works best for you! Our team is ready to help answer any questions you may have!