If the last several years have taught us anything it’s that we have to look at how a situation impacts us, not everyone else. Real estate is like that. While most claim to understand how it works, few do, which is why they make mistakes in investing, selling, buying and more. Realtors are a great option to have as they can guide you away from the mistakes and help you setup a strong plan that benefits you both in the short and long-term. Before you make your decision, consider asking yourself these questions:
- Where do I want to live? One of the first questions a Windermere realtor would ask you if you were considering selling your home is where you would want to live. Would you want to stay in the area? Would you want to go to another part of town, city, or state or so forth?
- Where can I afford to live? This is an important question and one that needs to be asked separately. Where can you afford to live if you sell your home? This is an important thing to consider because even though you will have more funds than you are used to, you will still need a place to live, and you will want to make sure that you are living somewhere that you can afford based on your income.
- How much will it cost to get ready to sell? Most properties need a bit of work before they can go on the market. This can be anything from a simple cleaning to working on significant repairs. Every dollar you invest can be ten dollars back.
- What profit margins am I looking at? Another question you need to ask yourself is regarding the profit margins. $50,000 may seem like a lot, but it may only be a year or two of comfortably living depending on where you are. That amount of money means more security and options while for others, it means very little. You have to see what your profit margins are and if they are worth the effort.
- How strong is my income? How confident are you in your income potential over the next several years? Are you sure that you can keep your income the same? This will help you determine what your options are including where to live.
- Am I comfortable renting or living in a smaller location? If you are selling a house, you may need to rent an apartment for some time before you find a new place. Are you comfortable with living in a smaller location, especially for months or years?
- How would I use the extra money? One of the main reasons you are considering selling is because of the profits you have a chance to make. What are you going to do with those profits? Are you going to just let it sit in the bank? Have a plan and focus on ways to smartly protect your money.
- Do I have better income or living options elsewhere? Staying local or moving away may not be an option for some. If you do have the option, consider if you could have better income or a better living situation if you were to move somewhere else.
If you are not sure whether selling is the right option for you, consider working with your local Windermere realtor today. Their experience and guidance will offer you confidence in this challenging market. Having that expert advice can also help you see new opportunities that you were not aware of.