Should You Stay or Should You Go?

Home Selling Tips

Many homeowners face the challenge of deciding if they should stay in their current house, or put it on the market and move on. When deciding on which step is right for your specific situation, there are many factors to consider. Keep these tips in mind to help you decide which choice is best for you.

You should stay when:

  • Your mortgage is paid off – if you have completely paid off your mortgage, or are only a couple months away from doing so, you should consider staying. Buying a new house would mean taking out another 15 or 30 year mortgage and starting the house payment process all over.
  • You have poor credit – if you do not think that you can qualify for a new loan due to your credit, you are better off staying put. Even if you can qualify for a new loan, you may have to deal with much higher rates or put more money down, which may not be worth it in the long run.
  • You have the money to renovate – if you are considering moving, figure out why. If you are unhappy with the design of your house, and you have the finances needed to renovate, stay. Renovating your house can make it seem like an entirely new property without having to take out a new loan.

You should go when:

  • You have an empty nest – if all of your kids have moved out into their own homes, you may find yourself with more room than you need. Consider downsizing to not only save money, but save on time spent on upkeep.
  • You can cash out, and then cash in – if the equity that you have built up in your current house can be used to invest in a better, updated home, call up your agent.

If you are thinking of selling your house, contact real estate professional Cary Amo in Lafayette, California.

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