Love It or List It

This is arguably the most important question you need to answer. As life continues, your needs are bound to change. Whether it is a new hobby, need for more space or change in work location, there are a myriad of factors that may warrant a change in the home environment. If your current home does not satisfy your needs, then perhaps it is time you listed it and found a property that satisfies your requirements.

Selling your property without knowing where you will live next is not the best decision. However, if you have multiple properties such as a rental house, vacation home or condo, you can sell the property. However, your other properties should be able to satisfy your current living needs. In case you do not have another property to live in, you should consider finding a property before you list yours. On the other hand, if you do not have the means to acquire another property before listing yours, then you should consider renting before you make the sale and acquire a new property. The key is that you need to have adequate plans that will ensure your life returns to normalcy even after you have sold your property. Before you even start the listing process, be sure to check out the neighborhoods you want to move into. Moreover, look at the social amenities available in that neighborhood. Also, stay on the lookout for property prices where you want to live.

Most people have very low equity to acquire their next property thus they need to seek mortgage. The moving expenses, down payment, closing costs and legal fees require you to have strong equity. Strive to raise at least 20% down payment to avoid price escalation due to mortgage insurance. By knowing the potential value of your property, you can calculate the transaction expenses and profit. If you can afford 20% deposit from the sale, acquiring your next property should be an easy feat.