Perhaps you’ve been undecided about selling your house in Chicago. Maybe you’re unsure if now is the ideal moment to make that decision. To assist you in determining the right time to sell, we’ve compiled a set of questions for you to consider. These questions are designed to guide you in evaluating whether the current circumstances are favorable for putting your Chicago home on the market!
What is the property doing for you?
Your house should ideally be fulfilling one of these roles:
- It should serve as your primary residence, meeting all the needs of you and your family.
- It could be an income-generating property that you rent out to reliable tenants, offering a steady income stream with minimal expenses.
- Perhaps it serves as a recreational property, such as a vacation getaway or a weekend retreat.
If your home is currently vacant, requiring frequent repairs, or experiencing high turnover with tenants, it may be worth considering selling it at this juncture.
Is there another property that would better meet your needs financially?
In the realm of investing, this concept is often referred to as “opportunity cost.” It prompts you to consider what other properties or investments you might be forgoing because your funds are currently tied up elsewhere. Take a moment to explore available options: could there be a more lucrative opportunity waiting for your investment elsewhere? Assessing this could lead you to discover if reallocating your resources to a different property or investment avenue could yield better returns or benefits in the long run.
Do you have “too much house?”
People often purchase homes based on their current needs. For instance, a family with several children might opt for a spacious five-bedroom house. However, as circumstances change over time, such as children moving out, the need for such extensive space may diminish. Maintaining a larger home can become burdensome and stressful if it exceeds your current requirements. You don’t necessarily need to continue living in a property that demands high maintenance and upkeep, especially if it no longer aligns with your lifestyle or financial goals.
Or do you feel cramped?
On the flip side, it’s common for people to outgrow their living spaces. As families grow and accumulate more possessions, the need for additional room often becomes more pressing. Imagine the potential benefits of having a little extra space for you and your family! Whether it’s creating dedicated play areas for children, setting up a home office, or simply having more room to relax and entertain guests, extra space can significantly enhance your quality of life. It allows for greater flexibility and comfort as your family evolves and your lifestyle changes over time.
Is this really the house you want to be in forever?
There’s no hard and fast rule that dictates you must remain in the same home indefinitely. One of the beauties of real estate is its flexibility—you have the freedom to move whenever you choose. Consider your future: envision yourself a few years from now. Do you see yourself still in the same place, or do you imagine a different location? Reflecting on your long-term goals and aspirations can help clarify whether your current home still aligns with your evolving lifestyle and dreams.
Does the house need repairs?
Perhaps your house is aging and requires repairs that you’re reluctant to undertake. Repairing a home you no longer wish to keep can be not just costly, but also emotionally taxing and overwhelming. In such situations, you have the option to collaborate with a trustworthy direct buyer like One Piece Home Buyers, specializing in purchasing houses in Chicago as-is. This means we handle everything, including necessary repairs, alleviating you from the stress and financial burden associated with renovating a property you’re ready to part with.
Do you have equity in the home?
If selling your house allows you to pay off your current mortgage and still have funds left over for a down payment on a new home, it could be the right decision for you! Ideally, having at least 20% for a down payment on your next property is even more advantageous. If you’re curious about the current market value of your home, feel free to reach out to us at (773) 839-5575 for a complimentary Comparative Market Analysis (CMA) of your property! We’re here to provide you with the information you need to make informed decisions about your real estate investments.
What is owning your Chicago house costing you?
How much are you spending each and every month to own the house? The costs of home ownership go well beyond a mortgage payment. You will need to consider other ways you are spending money on the house such as taxes, insurance, and maintenance.
If you have been thinking about selling, it likely means that it is the right time! There isn’t one answer that is right for everyone! Consider your options and make the decision that works best for you! Our team is ready to help answer any questions you may have!