10 Signs It’s Time To Sell Your House
Updated: Jan 5, 2021
There comes a time in most people's lives where a strong desire for change starts to set in.
That change can be in the form of something trivial, such as taking a different route for your morning walk, or, it could be a much grander change, such as moving out of your current house.
In this article, we're going to discuss ten signs it's time to sell your house.
You Need More Space For A Growing Family
The first house you buy may not always be the last house you live in. It's not uncommon to buy a "starter" home.
What's a starter home? Simple: It's a smaller sized house that's well suited for a couple, or a small family.
Think of your typical single-story two to three-bedroom house.
Families are great at growing. Typically from having kids, but also from having elderly family members move in.
Naturally, you're going to need more space to accommodate everyone comfortably.
Have you ever had:
All fighting to take a shower at 9:00 am? It's not fun!
As your household begins to expand, it might come time to sell your house and get a bigger living space.
On The Contrary - You Need To Downsize
On the other hand, you may find yourself in a situation where you need to downsize.
Did you raise five kids, three dogs, and two cats in a towering two-story five-bedroom house? And now everyone has moved out?
Becoming an empty nester is something to be proud of. It means you've raised a family and sent your kids on a path of self-fulfillment.
However, do you still need all that space? Probably not.
When you find yourself with a huge house and no one to fill the rooms, it might be time to sell and downsize into something that better fits your needs.
The Taxes Have Gotten Too Expensive
Nothing is certain, but death and taxes.
As much as we don't like taxes, we need them so our cities and towns can provide critical infrastructure, services, and a variety of other things we all rely on.
Property taxes come due every year and can be extremely expensive, depending on where you live. Taxes in the San Francisco Bay Area, for example, can reach over tens of thousands of dollars.
Typically, the larger the house, and the more land you own, the higher your taxes will be.
Your taxes are likely to grow as your properties assessed value increases too.
If you've found your property taxes have gotten too high for you to handle, it may be time to sell and move somewhere that offers a lower tax liability.
You've transitioned to a Fixed Income, And Can No Longer Keep Up With The Mortgage Payments
At some point, you may find yourself living off of a fixed income.
Self retirement savings
The above are typical fixed incomes people may become reliant on.
Since fixed incomes don't usually rise as a wage would, it might become challenging to keep up with mortgage payments, taxes, and insurance.
Your mortgage will stay fixed unless you have an adjustable mortgage rate. Still, taxes and insurance costs will most likely go up year over year on average.
If you're struggling to keep up with these payments because you've recently transitioned to fixed income, that's okay.
But it may be time to consider moving somewhere more in line with your financial situation.
You've Grown Tired of Where You Live
As human beings, we're hard-wired to crave new experiences. So it's no surprise that after some time you may find yourself tired of your current living situation.
Have you made your 5,000th trip to the same Safeway?
Always go to the same stores?
Are all the restaurants so familiar you've memorized the menus?
There is nothing wrong with familiarity and settling into a routine unless you're the kind of person who craves new experiences.
Sometimes the feeling sets in, and you know. You've grown weary and bored with your current living situation.
Luckily for you, you're not a tree, and you can move somewhere that will bring you joy.
I used to live on Long Island, New York. A wonderful, beautiful place that is full of life.
All my friends and family lived there too. But I found myself craving a new experience. I became fixated on moving to California as it looked like it fit my lifestyle perfectly.
I bit the bullet
Packed my stuff
Bought my ticket
And rented an apartment in the Bay Area
It was the right decision for me and might be the right decision for you if you're no longer happy where you live.
Your Commute Is Draining Your Life Away
How long is your commute?
1.5 hours one way?
According to one study, long commutes have the potential to increase the risk of depression. While also increasing the risk of obesity.
Those are some hardcore side effects for sitting in traffic!
If your commute is an hour or more each way to work, you'll be spending close to one month per year just sitting in your car driving.
Trust me; I did the math assuming two hours a day, five days a week, for 52 weeks a year.
That's a long time. No wonder long haul commuters are more likely to be affected so negatively.
Should you find yourself hunkering down for long haul commutes every day, it might be time to consider your mental health and move closer to work.
You Day Dream About a New City
Have you ever gone on a trip to a new city and fell in love with it? Or have you always been fascinated by a particular part of the country?
You easily catch yourself thinking about that city all the time, and you imagine how much better your life would be if you lived there.
Some places simply offer up so much more to experience than others.
And some cities are better suited to individual lifestyles and goals.
Do you want to work in tech? The San Francisco Bay Area is the place for you.
Do you want to work in finance? - New York City is the place to be.
Interested in working in the movie industry? - Pack your bags for Los Angeles!
Maybe you can't stand big cities and want a quieter life and lots of nature. A small town in a rural setting may be better for you.
Whatever your living preferences are, you may not be satisfied with where you currently live.
Or, where you currently live may not be as conducive to achieving your goals as somewhere else.
It may be time to cons