Should I Sell My House? 6 Signs It’s Time to Move On in 2020
Deciding it’s time to sell your house is never an easy decision. With Brexit-related uncertainty affecting the property market, it’s a decision that has been made even more complex. So how do you decide when it is the right time to sell your property? We’ve created a guide detailing six telltale signs it’s time to move on, to help you make this all-important decision.
1. I’m Moving into Retirement Living
If you’re moving into retirement living, it can be tricky to know what to do with your home. Although it may be tempting to keep your property as an asset or for your family’s inheritance, worrying about the upkeep of a home you no longer live in can be expensive and stressful. If you are planning to leave the house to your loved ones, it is also worth bearing in mind it will be heavily taxed due to inheritance tax laws.
2. I Can’t Decide Whether to Sell or Rent My Home
Most people need the cash freed up by selling their existing home so they can afford their next move. But this may not be the case for some and perhaps you are one of those people struggling to decide whether to rent out your home or sell up. This is a tricky decision and there are positives and negatives to consider. Renting a property can be a handy way to generate extra income, but it requires you to pay the upkeep and either manage tenants’ issues or pay a letting agent’s fees. It is also worth noting that when buying a second property, you incur a higher stamp duty tax.
3. Your Financial Situation Has Changed
For some lucky people, this may be due to an inheritance or a payrise that means they can upgrade their home or area. However, for many of us, changes to our finances due to more children to support or a decrease in our monthly cash flow, means we can no longer afford the home we live in. If this is the case, this is a sure-fire reason to sell up and look for more affordable accommodation. In these cases, a quick sale is preferable to avoid building up debt or subjecting yourself to the stresses of being hard up. It may be useful to look into genuine cash buyers as an option for a quick and simple sale.
4. I’m Relocating or Moving Abroad
A common reason for selling a property is when people are relocating or moving to another country, often for work reasons. While it may be tempting to rent your property out if you are relocating and you believe you will return, it is also worth factoring in the cost and worry of being a landlord — especially remotely. Selling your house often feels like additional stress to juggle as part of your already big move. But if you select the right method, it can be relatively fast, simple and hassle-free.
5. My Circumstances Have Changed
Changes to personal circumstances are one of the main reasons many people decide it is time to move on from their current property. These changes can take many forms. Perhaps you are concerned about lack of space, maybe you are separating from a partner, or your tenants have moved out unexpectantly. Whatever the reason, biting the bullet and putting your house on the market is often an important but necessary decision.
6. I’m Ready for a Change
Sometimes, there is no concrete or single reason for selling your house. Perhaps there is a combination of reasons that have led you to feel unhappy in your current home, or maybe you just have itchy feet. In some cases, relationships with your neighbours can begin to grate or perhaps the area doesn’t feel right for you anymore. If any of these are the case, being brave and trusting your instinct can be hard, but it can often reward in the long term.
Need an instant Valuation on your home?
In reality, there is rarely a “right” time to sell your home. Life will always get in the way and you can find yourself putting the decision off due to seasonality or personal circumstances. But, if you’re reading this article, then you’ve already taken a step towards making this important financial decision! If you’re curious about how much money you could get for your home, why not get an initial cash offer today. Simply begin by entering your postcode.