How Long Should You Live In Your Home Before You Sell It?

A lot of people wonder how long they should live in their home before they sell it. Here are 5 things you should consider before you sell.

1. Consider Your Mortgage

When you first bought your home, you paid mostly interest, not the principal.

If you've been at the house for less than 5 years, you probably won't make much money selling, though if you've made a larger down payment you'll likely earn more when selling.

2. Consider the Equity in Your Home

If you've done renovations to the bathroom, kitchen, floor or made any significant improvements on the property, or paid a lot of the principal, then you should habe a decent amount of equity, which you want when you sell.

3. Market Conditions

You need to know what homes in your area are doing, and their stats so you can make the best decision. That's why I offer free comparative market analysis, or CMAs to determine what homes are selling for in your local area. Want your home evaluation? Just give me a call, or send me an email.

4. Your Need for Space

If your family is growing due to marriage, kids or pets, space might be becoming a little tight, and you may want to exit your current home faster. 

Conversely, divorce or illness/death may have you needing less space. Take time to consider the amount of space you want and need in your new home.

5. Closing Costs

When buying or selling, you'll be paying closing costs to your real estate agent, so you'll need to keep these in mind and have enough money budgeted.

With these 5 considerations, you'll be closer to knowing whether it's time to sell now or later.

Jessica Harcourt, Real Estate Representative

416-262-5127