So you’re finally ready to sell your family home. You know that this is a major decision, so it’s important not to rush the process. But before making any final decisions, there are some things you should keep in mind first. The market might be good for selling right now, but what about six months from now? What if interest rates go up or down? Are you considering all of the costs associated with moving and how they will impact your finances? Is your house really prepared for sale, have you removed any personal items, cleaned thoroughly, made repairs as needed? And lastly, but most importantly, has everyone agreed on which option is best for the family going forward? So before you make any final decisions about selling your family home, keep reading for some important advice.
1. Think about timing
Selling your family home might be easier said than done. Sure, the market may be good now (at least that’s what they say), but is it possible to wait six months or even a year? If you’re expecting prices of properties in your area to go up soon, you might want to wait until after they do, if you’re expecting them to go down, now might be a perfect time.
Sometimes, people do not have the luxury of waiting for the perfect time due to how unpredictable life can be, and they want to sell it as soon as possible. If you are in such a situation and don’t know what to do, look for a company that buys houses as-is. If you are not sure where to start, and you live in Fayetteville for example, just google “we buy houses in Fayetteville”, and you will see what your available options are in that area. But if you have the luxury of time on your hands, think about how important timing can be. Too late, and your neighborhood may have already changed for the worse. Too early, and the market may have cooled down by the time you’re ready.
The best time to plan for a sale is when there are no major changes in the neighborhood, but it’s usually not possible to predict when this will happen. That said, it pays to stay on top of what’s happening in your community, so you know when it’s time to sell.
2. Plan ahead for moving
Because you don’t exactly know when your house will be sold, you never know when you might need to pack up your belongings and move on. But before that happens, there are plenty of things you can do in advance to make that transition (and all that comes before it) easier.
This includes making sure your children are made aware of the time it will take, having a plan for keeping in touch with friends and family during the process, and deciding whether you’re going to stay in a hotel or rent a house during the lead-up. Whatever is decided, these steps will help make moving day less stressful.
3. Decide whether to fix up or sell as-is
If you have time on your side, you might want to consider fixing up your home before selling it. Whether that means updating the kitchen or doing some basic landscaping, this can be a good way to increase your home’s value. But don’t forget about the cost of these repairs, which might ultimately make it not worth its while (especially if you’re paying for all of it yourself).
This also applies to smaller things like painting and sprucing up the front yard. To help yourself, think about what makes your home stand out compared with the other homes on the block, that can be a good place to start.
But there are some cases where selling your home as it is makes sense, too. This may apply if you have a very small or superficial problem with your house, and fixing it before selling would cost more than the benefit of getting a higher sale price. No matter if you decide to fix up or sell as-is, having an agent involved can help make the process easier. A good real estate agent will have experience in helping people sell their homes, so it’s worth looking into before making a final decision.
4. Keep all costs in mind
As much as realtors like to talk about how great their market is, there is a laundry list of things you’ll need to consider before finally selling your family home. You’ll have to add up all of your household bills since moving day, the cost of buying a new house, and any other expenses.
In addition to these costs, don’t forget that selling a home comes with fees too. Many realtors charge commission by the percentage of your house’s sale price (usually about 5%). Keep in mind that if you’re selling and moving to another state, there’s a good chance that you’ll need to pay for someone to prepare your house for sale.
You may also need to pay for insurance fees or taxes if you own the property. You might even have to pay someone to haul away items you don’t want (assuming they’re not included in the sale), like an old bathtub or couch. All of these things will help determine how much you can expect to get out of the sale.
5. Think about everyone else
It might sound trivial, but as important as it is to consider your own wants and needs, it’s even more important to sit down with everyone else in the house. Sometimes the most difficult part is letting your children know you are moving someplace else. Ask them what they’re hoping for when it comes to this big decision.
Do they want to stay in the school district? Are they excited about the idea of moving into a bigger place, or are they afraid that moving will be too hard? Ask them how they feel about taking on new financial obligations and what areas of the house they think need to be updated. Hopefully, everyone else is on board with your decision, but it’s always nice to get confirmation before you make any final decisions.
6. Think about taxes
If you know that after selling your family home, you’ll be paying capital gains taxes (you can estimate how much by looking at the assessed value for similar homes in your area), it’s worth considering if there are any deductions or other loopholes that might reduce this tax bill.
For instance, depending on the state where you’re located, some people are able to deduct their state income tax payments or property taxes against their capital gains. Some people are also eligible for homeowner’s exemptions, which can lower your taxable investment earnings if you’ve owned your home for several years before selling it.
As you can see, there are many things to consider before selling your family home. The most important thing is that the decision needs to be made with consideration for how it will affect all members of the household, not just yourself! We hope this article was helpful in guiding you through some important considerations before making a final decision about whether or not to sell your house.