When is the right time to capitalize on your real estate?
Catching the crest of a wave
The real estate markets tend to fluctuate a great deal, and there will be times when your area becomes popular, and times when that popularity recedes. If you have any inkling you will be moving on soon, keep this in mind at all times, as it could end up making an enormous difference to your eventual sale value. You have to be flexible with this attitude, however, and be prepared to move on at almost a moment’s notice.
The advantages of being adaptable are pretty clear. You’ll earn more from the sale and have more for your down-payment on your next home than you would from selling in a temperate market, of course. And you will also increase your chances of starting a bidding war – popular locations will always bring in the multiple buyers.
The empty nest
The family home is, of course, a huge emotional attachment for everyone that lives in it. But once the kids have left, is it worthwhile hanging on to? All those empty bedrooms, extra bathrooms and space cost money to heat, keep in shape, and look after. And there’s a chance that you will feel like you are rattling around in your home, rather than living in it comfortably. Once your home stops fitting your lifestyle, it’s advisable to move on – emotional attachments or not.
The almost retired
Finally, it’s the same principal for when you are nearing retirement. One of the best ways to ensure your later years are relaxed, comfortable, and, most importantly, sustainable, is that you have a solid financial plan in place. As we all know, selling a home can be incredibly complex, and no one knows exactly how much they will be able to sell for until they agree on a deal.
It’s important to have that financial stability, so your best bet is to seek out a new place to live before you retire. This way, you can guarantee yourself not only a fixed amount of money, but also the home that will help you in terms of comfort, cost, and suitability for old age.