Selling and buying is a daunting process and although some people have the ability to make a decision quickly and move with the thought of selling, others need much more convincing and put a lot more thought into the process. Most times, it is a situation that can divide a household! For the most part, deciding whether or not it is time to sell and move on from your current home is a very personal decision, but here are three key factors that we believe should play into the decision. To us these three factors are the most unbiased, reasonable ways to look at your situation and make a move.
1. How are you feeling about maintenance, management, wear and tear?Whether or not you are currently in a condo, a home or a revenue generating property, the maintenance/management that comes with owning a property is always there and feeling overwhelmed by small tasks such as cutting the grass, removing snow or attending an annual general assembly are definitely signs that it might be time for you to swap keys for something better! Now let’s make something clear… Not many people wake up on a Sunday morning looking forward to lawn care, but dreading the spring/summer months due to the thought of having to clean a pool and cut the grass is also another level of being “fed up”. Owning a home or condo should be something that makes you proud. you might not beat the buzzer to sign into your next general assembly, but the well being of your home and its curb appeal should always be a priority to an owner. If ever you feel becoming overwhelmed by these tasks, it might be time to explore the real estate market and see what else is out there2. Is Your Property Due For Upgrades / Renovations?
I’ve spoken about the X factor in real estate briefly on social media, but evaluating where your property is at in its life span is an important aspect of deciding whether or not you should stay or go. To make things simple, I’ll use an easy to understand example of what exactly the “x factor” means. If you own a home built in 2003 (current year 2023), one thing is for sure, your home has definitely done its due in providing a roof over your family’s head for the last 20 year. More importantly it has built equity, and provided a certain “return on investment”. Your home (for example purposes) was purchased at $120,000 and is now worth $570,000 (an increase of almost 400% over 20 years) without the need to do any major renovations or repairs… Now, if history were to repeat itself, in the next 10 years, your home should continue to increase at the same rate, except now… You will have no choice but to incur the cost of renovations/ameliorations to continue to build equity. A question one should always ask themselves (and their realtor) is it more worthwhile to add value to my home, or simply pull out my ROI and purchase something else instead? If you are on course to spend $150,000 on renovations, to see your home’s value increase $200,000 in the next 10 years, is that really what you want? or should you take the money and run!?3. Do You Need The Space? And Will You Use It?
This point goes for both those thinking of upsizing and those looking to downsize, and it is much easier to understand than point 2. 😂 Whether you live in a condo and are looking to buy a home or vice versa, ask yourself a few self evaluating questions! Those looking to upsize should ask themselves how much space they are really missing, what spaces are they missing exactly (extra bedroom, 2nd bathroom) and how long will they no longer be able to live without these spaces. A couple that is thinking about downsizing should ask themselves if their current space is too big (not using certain rooms/floors), which rooms are they currently using on a daily/weekly basis, and how long will it be until they cannot use certain parts of their homes due to mobility. These questions can weigh heavy on some people as it is definitely a big step in life, but it is very important to be true to yourself and those around you. Whether you are looking to upsize or downsize, Doing so too late can mean faster deterioration of your current property (more wear and tear, less maintenance etc.)If you are in the process of discussing if it is time to make a move, whether it be to upsize or downsize, give us a call and let us sit down with you to evaluate your home, your needs and your next steps. We are always here to help those who want it, and remember, all meetings are private and confidential!