| Giving You Knowledge & Power To Buy And Sell Real Estate. |
Your-Real-Estate-Resources.com |
Real Estate Resources >> Real Estate Agents \ Selling A Home \ Home Market Value \ Home Buyers \ Real Estate Listings
| 6 Reasons For Selling A Home – The Pros And Cons By Noel Peebles |
Homeowners faced with financial or personal problems sometimes sell their homes for the wrong reasons. The
Truth is; they might have been better off, had they thought more about their situation and considered some
alternatives.
That’s why before putting your house on the market it would pay to: think about why you are selling your home,
consider the alternatives and carefully weigh-up the pros and cons. These 6 common reasons for selling a home
will help you do just that:
REASONS FOR SELLING A HOME #1:
Expensive monthly mortgage interest payments on your home.
Alternative Solution: Refinance your current home loan.
Pros: If you have owned a home for several years and have not refinanced, you maybe able to refinance at lower
interest rates and significantly reduce your monthly payments.
Cons: Refinancing essentially resets the clock on your home loan. This may cost you money over a period of time,
however it is worth doing some calculations.
REASONS FOR SELLING A HOME #2:
No money available to upgrade your home.
Alternative Solution: Refinance or consider applying for a home renovation loan.
Pros: Renovating and improving your home can increase its market value.
This could prove to be a good investment for when you do decide to sell.
Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on
the laws in your country).
REASONS FOR SELLING A HOME #3:
Need more space than is in your current home.
Alternative Solution: Consider remodeling existing home rather than buying a new property. A more open-plan
style may provide more living space. Consider enlarging, or adding, a bedroom or bathroom to your existing home.
Pros: Remodeling should improve the resale value of your home. It will also save you real estate agent’s fees and
other costs associated with moving house. You may need to use your home equity to finance the project.
Cons: Remodeling your home may mean an increase in the property taxes you pay. There is also the danger of
over-improving your property. Some people fail to recoup their investment when they come to sell their home.
Truth is; they might have been better off, had they thought more about their situation and considered some
alternatives.
That’s why before putting your house on the market it would pay to: think about why you are selling your home,
consider the alternatives and carefully weigh-up the pros and cons. These 6 common reasons for selling a home
will help you do just that:
REASONS FOR SELLING A HOME #1:
Expensive monthly mortgage interest payments on your home.
Alternative Solution: Refinance your current home loan.
Pros: If you have owned a home for several years and have not refinanced, you maybe able to refinance at lower
interest rates and significantly reduce your monthly payments.
Cons: Refinancing essentially resets the clock on your home loan. This may cost you money over a period of time,
however it is worth doing some calculations.
REASONS FOR SELLING A HOME #2:
No money available to upgrade your home.
Alternative Solution: Refinance or consider applying for a home renovation loan.
Pros: Renovating and improving your home can increase its market value.
This could prove to be a good investment for when you do decide to sell.
Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on
the laws in your country).
REASONS FOR SELLING A HOME #3:
Need more space than is in your current home.
Alternative Solution: Consider remodeling existing home rather than buying a new property. A more open-plan
style may provide more living space. Consider enlarging, or adding, a bedroom or bathroom to your existing home.
Pros: Remodeling should improve the resale value of your home. It will also save you real estate agent’s fees and
other costs associated with moving house. You may need to use your home equity to finance the project.
Cons: Remodeling your home may mean an increase in the property taxes you pay. There is also the danger of
over-improving your property. Some people fail to recoup their investment when they come to sell their home.
REASONS FOR SELLING
A HOME #4:
Need less space than is in
your current home.
Alternative Solution:
Renting out part of your
home could be an option.
Alternatively you could rent
out the entire house and
buy a smaller house to live
in.
Selling A Home article
continues...
A HOME #4:
Need less space than is in
your current home.
Alternative Solution:
Renting out part of your
home could be an option.
Alternatively you could rent
out the entire house and
buy a smaller house to live
in.
Selling A Home article
continues...
Pros: If local property values are on the rise it might pay to not sell your home right now. By renting your home out
you might gain some tax benefits and be able to claim rental expenses.
Cons: Becoming a landlord takes some work and can have its problems.
You will need to find good tenants and keep the property in good renting order. You may need to consult a tax
advisor, carry liability insurance and you will be required to keep good financial records for the property.
REASONS FOR SELLING A HOME #5:
Escalating costs of keeping your current home.
Alternative Solution: Again renting out part of your home could be an option.
You could buy another house in a less expensive area.
Pros: If the property market is on the way up, your home might be worth holding onto as a longer-term investment.
This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you’ll also save
on real estate costs.
Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by
waiting to sell, you may be disadvantaged when the real estate market and prices level off.
REASONS FOR SELLING A HOME #6:
Change in your circumstances.
Alternative Solution: If you are experiencing major life changes you could consider selling your home at a later
date.
Pros: Sudden illness, a family bereavement, or marriage breakup is stressful and can trigger a rethink in your
position. Rather than be rushed into selling your home, it may be make more sense financially to hold-off selling
right now. This is especially true if the real estate market is depressed. A marriage breakup could require you to
refinance to pay off your partner’s share of the equity in the property.
Cons: If the real estate market is buoyant and near its peak, a delay may cost you dearly especially if there is a
sudden downturn.
When selling a property, being in a state of indecision can be very frustrating and can cause needless stress. Not
making a decision, or making the wrong decision, also has its downside. Think carefully about your reason for
selling your home - think about the alternatives - then consider the pros and cons before you rush in and put your
house on the market. And remember;regardless of your reason for wanting to sell your home, it usually pays to
talk your ideas through with a financial advisor.
© Noel Peebles, Market Leaders ebooks.
you might gain some tax benefits and be able to claim rental expenses.
Cons: Becoming a landlord takes some work and can have its problems.
You will need to find good tenants and keep the property in good renting order. You may need to consult a tax
advisor, carry liability insurance and you will be required to keep good financial records for the property.
REASONS FOR SELLING A HOME #5:
Escalating costs of keeping your current home.
Alternative Solution: Again renting out part of your home could be an option.
You could buy another house in a less expensive area.
Pros: If the property market is on the way up, your home might be worth holding onto as a longer-term investment.
This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you’ll also save
on real estate costs.
Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by
waiting to sell, you may be disadvantaged when the real estate market and prices level off.
REASONS FOR SELLING A HOME #6:
Change in your circumstances.
Alternative Solution: If you are experiencing major life changes you could consider selling your home at a later
date.
Pros: Sudden illness, a family bereavement, or marriage breakup is stressful and can trigger a rethink in your
position. Rather than be rushed into selling your home, it may be make more sense financially to hold-off selling
right now. This is especially true if the real estate market is depressed. A marriage breakup could require you to
refinance to pay off your partner’s share of the equity in the property.
Cons: If the real estate market is buoyant and near its peak, a delay may cost you dearly especially if there is a
sudden downturn.
When selling a property, being in a state of indecision can be very frustrating and can cause needless stress. Not
making a decision, or making the wrong decision, also has its downside. Think carefully about your reason for
selling your home - think about the alternatives - then consider the pros and cons before you rush in and put your
house on the market. And remember;regardless of your reason for wanting to sell your home, it usually pays to
talk your ideas through with a financial advisor.
© Noel Peebles, Market Leaders ebooks.
| Terms and Conditions, Privacy Statement, Disclaimer © Copyright Market Leaders Ebooks. All Rights Reserved. |
 | |  | |  | |  | |  |
 | |  | |  | |  |
Real Estate Books \ Real Estate Sales Contract \ Real Estate Terms \ Real Estate Commissions \ Pros & Cons of selling A Home
| FREE sample pages from “Home Selling Secrets Revealed” ebook. Learn the secrets to selling your home... in the shortest time... for the best price! |
