Reviewed by Mike Kelly
Updated February 15, 2023
If you’re a fan of reality television, you’ve undoubtedly seen the program, Love It or List It, which takes a Canadian family who has issues with their current home and pits a realtor against a designer in the race to find the best solution: a new home or a renovation. The show’s popularity, in part, rests on the fact that it reflects our own experiences. Most of us have moved at least once during our lives, and many of us have debated the wisdom of selling a home.
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If houses in your neighborhood are flying off the shelves, and they are commanding prices above the listing prices, there is a temptation to cash in on the local boom. After all, who doesn’t want to make a record profit? If the price per square foot continues to increase and the time properties remain on the market is decreasing, it may be worth considering a sale.
It doesn’t hurt to have a realtor value your home so you have an idea of the price it should bring if you put it on the market. Before you take the step of actually putting your home up for sale, be aware, however, that you will need somewhere to live once you sell. If you’re looking for a comparable home, it will cost you as much or more to buy it, so be sure you’re ready to compete in a hot market.
Ongoing low interest rates make it easier for people to afford homes and can keep the inventory moving quickly with a large pool of available buyers. If you are looking at upgrading to a larger home, it may be a good time to consider a move. However, interest rates can change, so make sure your buyers are thoroughly vetted and pre-approved for their loan.
If you’re thinking of remodelling your homes so it suits your changing needs, consider whether it will pay off when you are ready to sell the property. Do some research by looking around your neighbourhood and determining how your house compares to the priciest homes in the area in condition and style. If they are similar, it may make more sense to sell and put your renovation fund toward a new property instead.
When it’s time to send the little ones to school, parents generally begin to pay attention to the quality of schools nearby. For young couples, this may not even factor into decision-making when you purchase a home, but it will become an issue once you have a young family. Parents want the best possible education for their children and that may mean living in a different part of town to have access to the best schools.
As lovely as your home is and as much joy as it has brought you, it may no longer fit your family’s needs. Our lives have stages and our needs changes as we move through them. If your family is growing and your children don’t have space to roam, you may be seeking a more spacious property. Conversely, if your children have left home and you are experiencing an empty nest, the empty rooms may echo. Either of these situations may signal that it’s time to consider selling and finding a home that’s more appropriate to your lifestyle.
You’ve changed, or your neighborhood has, and you’re no longer happy there. There are many possible reasons for such a mismatch: you may be tired of the restrictions placed on homeowners by the neighborhood association; your neighbor has turned the basement suite into a short-term holiday rental that attracts rowdy guests, or you’re tired of the long commute to work that didn’t seem onerous at first. Whatever the reason, it may be time for a change to an area that makes you happier.
When you first purchased your home, you were likely young and full of enthusiasm for making it a showplace. Gardening was a pleasure, and it was invigorating to be outdoors mowing the lawn or shoveling the driveway. Or, perhaps, your interests have changed and you don’t want to spend time at home when you could be at the theatre or participating in a sports league. Whatever the reason, it may be time to find a home that asks less of you in terms of time and energy.
If any of these reasons for selling your home rings true for you, it may be time to look at your budget, run some numbers and get in touch with a realtor. A new experience beckons.
Want to learn more? Visit our Home Buying, Selling and Moving resource centre for everything you need to know about real estate, buying a home, or moving. Or, get an online quote in under 5 minutes and find out how affordable personalized home insurance can be.
About the expert: Mike Kelly
Mike Kelly is no stranger to working under pressure, Mike works hard for his clients in the Toronto real estate market while always maintaining a relaxed, low-stress environment. He builds trust with his clients through open and honest lines of communication.
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