Do you really need to sell? If you love your neighborhood and just need more space, perhaps you can remodel and stay. Or if the market is slow and houses aren’t selling, you may be better off waiting or renting your home out.
Whatever your reason, before you even put up the “For Sale” sign, crunch the numbers to see if it makes financial sense to sell your home. These steps will help you figure out whether you should sell or stay.
- Step 1: Gauge your need to sell
- Step 2: Define your goals for the next 5-10 years
- Step 3: See if you’re subject to capital gains tax
- Step 4: Calculate the costs of repairs and home improvements
- Step 5: Compare the costs of selling and remodeling
- Step 6: Calculate your selling and moving expenses
- Step 7: Calculate your buying expenses
- Step 8: Know the mortgage options for your next home purchase
- Step 9: Research the local housing market
- Step 10: Consider renting out your house.