On average, people remain in their homes for about seven years. How long have you been in yours? Deciding to leave a home is a major life-altering event, and it rarely happens overnight.
From my experience in the local market, there are three common factors that cause folks to ask, "Is it time to move?"
The Top 3 Reasons for a Move in 2014
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Maintenance Burnout: The house has become too large to manage or too difficult to maintain physically and financially.
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Tax Pressures: Local property taxes have reached a point where they are no longer sustainable for the household budget.
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The Weather Factor: New York winters can be severe. For many, the desire for a milder climate becomes a primary motivator as the years go by.
Creating Your Plan of Action
Whatever your reasons, selling your home requires a well-thought-out plan. Before you plant the "For Sale" sign in the yard, consider these essential steps:
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Communicate with Loved Ones: Start by talking to everyone in your life who will be affected by the move. Their input is vital to ensuring the transition is a positive one for the whole family.
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Calculate Your Net Proceeds: Find out the current market value of your home. Subtract your remaining mortgage and closing costs to determine exactly how much liquidity you will have to buy elsewhere.
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The "Test Drive" Move: If you’ve found a new area you love, consider renting there for a short period before buying. This "test drive" can save you from making a permanent decision you might later regret.
The Bottom Line
Selling your home is one of the biggest financial and emotional decisions you will ever make. It is important to let data and planning—not just emotions—direct your actions.
