It’s not unusual, at one time or another, for a homeowner to wonder if they should sell their home or not. It is a common question on a lot of people’s minds and there are a multitude of reasons as to why it may be time to sell your home in Massachusetts.
We have compiled some excellent questions to keep in mind when you are wondering if you should sell your Massachusetts home.
Is There Immediate Value in Your Home?
You can tell if your home has immediate value with the following checklist:
- The House is Your Principal Residence: you live in the home full-time.
- The House is a Rental Property: you rent the home out and receive a monthly income from a tenant.
- The House is a Vacation Home: you only use this home for vacation or recreational purposes, often only used on the weekends.
These examples all result in value to you, whether it be by supplemented monthly income, or a place to reside.
If the property you might sell is vacant, not used, needs repairs, or is leased by tenants who do not pay rent on time or at all, then selling the home is more than likely a great option for you. As in these examples, the home is no longer a value nor an asset.
Attracted to Another Property, But Can’t Afford to Invest?
If you are an investor, your goal is to purchase properties you can benefit financially from. Sometimes, an investor’s money is tied up in other properties, so purchasing another investment property is not possible right at the moment. However, if you sell a home, you may open up the possibilities for your new investment.
Is it Time to Downsize?
There are many instances in which a family is ready to downsize. Children grow up, move out of the house, and parents are left with too much space. Downsizing can be a great fit for many adults who no longer have children in the home, are ready to retire, or just no longer want the upkeep involved with a larger house. This is a great reason to sell your current home and downsize.
Perhaps, you need an upgrade on space?
Of course, on the other hand, your home may not offer enough space. Maybe your family is growing, and you need more room. When you need more space, selling your current home for a larger one may be the best idea for you and your growing family.
Will You Stay in This Home Forever?
Many people do not enjoy moving and when they find a home they love; they do not plan to leave. However, it is important to consider long term and if the house will fit your needs years from now or not. If you don’t like the process of moving, but your home does not feel like your forever home, you may want to sell and find that forever home instead.
Repairs Holding You Back?
A home can quickly become outdated and need repairs if not well-maintained. Homeownership can be difficult when it comes to expenses of repairs and upkeep. To sell the home, you may have no choice but to perform the repairs in the Massachusetts market, so you choose to keep the home. But, remember, if the repairs are not done, the condition of the property will only worsen over time.
In the case of needed repairs, you may want to consider selling your home to a cash buyer. There are companies who will purchase your home in an as-is condition relieving you from any repair nightmares and expenses. The company you work with will take care of the repairs, and most will take care of all the steps within the sale as well.
How Does Your Equity Look?
Your equity may determine whether you should sell your home or not. If you sell your home and have enough to pay off your mortgage, while coming out with some profit, then selling your home will help you with a future down payment on a new home. Ideally, if you can get 20% back from the sale, this would be a great start on your new purchase.
If you have questions about your equity and you just aren’t sure if you have enough versus the current fair market value of your home, you can give us a call, we would be happy to go over your numbers.
In the End, What is Your Massachusetts Home Costing You?
In the end, ask yourself what your Massachusetts home is costing you each month. Take into consideration more than your mortgage payment, but, also your real estate taxes, homeowner’s insurance, any homeowner’s association dues, and maintenance.
When you think about it, if you have considered selling your home, it is probably the right decision for you. Typically, if you want to stay in your home and it makes financial sense, you wouldn’t be asking yourself if you should sell.
If you do decide to sell your home and would rather sell your home quickly in Massachusetts, feel free to reach out to us. We purchase homes in Massachusetts for cash and we do so with fair cash offers, honesty, transparency and with great customer service.