5 Reasons to Consider Selling Your Home

Dated: October 13 2021

Views: 322

If you’re reading this blog, you have probably pondered the possibility of selling your home.

But maybe you’re uncertain about whether to go through with it.

After all, there are a lot of factors to consider for making a big move: the time and effort involved, the cost, the strain it might add to your life, and so on.

Selling your home is a big decision, and one you don’t want to make lightly.

If you think you’re ready to sell, then here are 5 signs that now might be the right time to do it:

It might be time to sell your home if…

1. Your family situation is shifting

As your family grows and changes, your home may no longer suit your needs.

You might be looking for more space if you are expecting a child, have a growing family, or plan to take in an elderly relative in need of care. Maybe you need more bedrooms, separate levels, or a bigger property to make your living situation more comfortable.

Did you consider school zones when you moved? As your children approach school age, you might want to make sure that you find the best education options for them.

On the other hand, if all of your children are moving out, you might want to downsize.

2. Circumstances have changed with work

According to Statistics Canada, 10% of Canadians who moved between 2013-2018 did so because of a new job or job transfer. If your job is taking you somewhere new, you might not have much choice aside from selling your house.

Over the last year, Ottawa and other major cities saw a bit of an exodus as people moved farther away from the downtown cores. With pandemic restrictions and lockdowns keeping people from their workplaces, working from home became a much more popular option. People began to realize that they could get away from the cramped cities without worrying about long commute times. If you work from home, you might consider a property that offers enough space for a home office.

3. Your home doesn't suit your needs

Do you have way too much stuff for your space? While that might be a sign that it’s time to declutter, it could also be an indication that you’ve outgrown your home.

Have you gone through a separation or other life change and find that your house is too big for you? A larger property takes more time to care for and costs more in upkeep than is sometimes necessary. If you have too much space, or spend more time caring for the house than you’d like, you should consider selling the house.

If your lifestyle is no longer compatible with the home you own, you might want to move. Whether that means finding more space for entertaining, moving to a more convenient location, or planning a comfortable retirement, you need a house that will serve you well for this stage of life.

4. Renovations won't increase your ROI

It can be tempting to put off a move and do more affordable renovations instead. But if you know that you will need to move in the next few years, then you have to ask whether such renovations will be worth your while.

Not all home modifications make enough of a difference to impact your return on investment. If the renovation adds a lot of value to the house, like an additional room or a totally new kitchen, it could pay off. But, if the renovations you’re considering won’t upgrade your house far beyond the high-end homes in your neighbourhood, then you might be better off giving the place a fresh coat of paint and selling it now.

5. It's a seller's market in your area

You’re most likely to sell your home quickly and for a good price if you list during a seller’s market. When supply is low but demand is high, you are bound to garner more interest in your property. Think back to the kind of sales activity we’ve seen in Ottawa throughout 2020: houses went fast, often had multiple offers, and frequently sold above asking price.

This effect is further compounded by low interest rates, as more people will be looking to buy.

But remember: if you plan to buy a similar house after you sell yours, you will end up paying similarly high prices.

Blog author image

Paul Schnittker

Almonte has been my home for many years, and I love living and working in this community. I moved from sales to Real Estate in 2016 because I wanted to help others find their dream home here in the Ot....

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