The Buyer's Guide to Real Estate

« Back to Home

Are You Ready To Sell Your First House?

Posted on

When you buy your first house, it is often with the knowledge that eventually, you will sell the home and move on. Sometimes, it's obvious when you need to sell — maybe you get a job that requires you to move out of state, or perhaps you are struggling to make payments and need to go back to renting for a while. Other times, though, homeowners are left scratching their heads and wondering when, exactly, they should sell and move forward. This article aims to offer some guidance in that regard. Here are some signs it's time to sell your first home.

You're having to sacrifice a lot to make the home meet your current needs

When you first moved into this house, it probably fit your needs to a "t." As your life has changed, the home has probably become less suited to your needs. You can deal with some small things, of course. Maybe storage space was running low, so you installed more shelves. If you're really having to bend over backwards to make the home meet your needs, though, it's time to sell. Squeezing four kids in a three-bedroom home or keeping three dogs in a home without a real yard is a level of hassle you just don't need to deal with when you can sell and move into something better.

You have enough equity in your home to cover the down payment on a new one

Take a look at some of the houses for sale in your area, and get a general idea of the amount you would have to spend to move into something better suited to your current needs. Then, calculate how much you would need as a down payment on one of those homes. Do you have enough equity in your current home to cover the down payment? If so, this is a sign you're ready to sell.

You are having to drive a lot to get to the places you want or need to be

Sometimes, it's the location that makes a first home less suitable over time. Maybe when you bought the home, you were working 10 minutes away, but now you have an hour commute to a different company. Or perhaps you have since had a child, and you now drive them 45 minutes away to your parents' house for babysitting each day. Driving can waste so much of your time, so this is a key sign it's time for you to sell.

If you think you may be ready to sell, contact a real estate agent. They can help you sell your home.