Letting go of the house your family has been living in for more than a decade or two is never an easy conclusion. A lot of things can change as the years go on, most notably the real estate market and the potential investment returns on your property.
Maybe the “forever home” you thought you were going to retire in doesn’t seem to suit your needs and plans anymore or maybe the pandemic has forced you to rethink some of the lifestyle decisions you’ve made. On top of all that, the work-from-home arrangements brought by the current health crisis have driven interest in property in and around your area.
If you are looking for that sign, you came to the right place. Here are some hints that it may be time to finally sell your beloved house.
The Family Has Outgrown the Property
Perhaps on the top of your “reasons to sell” list is outgrowing the property. Those old spaces that used to be enough for the children are looking tighter by the minute. These things happen and that’s okay. It’s completely natural to want to move to a new place once the kids are in growing up and need their own rooms or if they’re moving out anytime soon.
Also, when the community you are living in might isn’t ideal for a growing family with teens, then it may be best to start looking for property options in central urban locations (As long as you’re emotionally ready for this big step).
Download: Best Properties to Buy in the Philippines for Different Budgets in 2021
Lifestyle Adjustments Are Needed
Of course, your life is going to look way different from how it did when you first moved into the property. Your husband may have decided on a career shift or you, yourself, are thinking about working from home full-time after the pandemic.
This means that you’re going to need a bigger space for a home office. Besides, maybe those monthly payments are not exactly doing you any favors, too, and a smaller, less-expensive property looks more promising for your timeline and budget.
Little-to-No Returns on Renovation
Have the home maintenance costs become too big of a burden? If they have, selling your property might even give you a better return on your investment. It’s best to calculate the expenses you’re going to need for home renovation, as well.
After all, you might be paying more for those fees compared to just letting go of the house and lot or condo. No matter how similar the costs are, the stress and hassle it takes for a total remodeling gig can be draining, especially if you have a lot of things going on at the moment.
You’ve Surveyed the Local Market
Sometimes, the market dictates your decision, too. The price per square meter for homes in the area may have gone up exponentially since you first bought the place. Here, you can do your own research as to how the local housing market is going around your district.
If there have been a lot of homeowners opting to jump ship to new communities in provinces or fringe cities, maybe you can get a similar return on your own property. Interest rates may also be a lot lower these days than you expected. There might be a renewed interest in property in your region, too. If these are the case, then it might be better to sell than stay.
Other Plans for the Next Phase of Your Life
Now that the kids have moved on and settled on their new lives, with families of their own, you might be getting a better feel of the next chapter of your life. Your needs are completely different and there are just some things you are going to have to let go of as you enter your twilight years.
It may be that the property’s value has skyrocketed since you bought it 20 or 30 years ago. If you sell now, you can secure your emergency fund. You can even buy a brand-new house that can be perfect for your retirement plans.
Your home is arguably your most vital asset. Coming to terms with this decision is going to require some time. Talking to family and friends will certainly help, but getting in touch with an agent to get some industry perspective can do wonders, as well. At Ohmyhome, consultations with our property agents are free.
Nevertheless, these signs are always subjective. Ultimately, only you can tell when and if you’re ready to say goodbye to your property.
Talk to an Ohmyhome agent today to get started with your property journey. For more information on the best and latest property listings nationwide and how our Ohmyhome’s online ecosystem helps sellers like you, visit Ohmyhome.com or download the official Ohmyhome app.
Ohmyhome was launched in the Philippines in September 2020, following the company’s establishment of a tech team in the country in 2017. Ohmyhome was originally founded in 2016, and subsequently rose in Singapore as a leading PropTech solution and licensed real estate agency.
Ohmyhome expanded into the Philippines so that Filipino home seekers can have a real estate partner that they can trust to have their best interests at heart and can be relied upon to provide exceptional services throughout the entire property journey.
Featuring thousands of properties across many of the Philippines’ major real estate brands, Ohmyhome differs from other local platforms by going the extra mile and extensively helping buyers narrow down their choices and find the property that best suits their budgets, home needs, and lifestyle preferences.
The company’s Real Estate Agents not only help in the shortlisting of options but also provide professional services through the entire purchasing process. These include assistance in property inspections, negotiations, the finalization of the Conditions of Sale, deposit collection, the submission of property documents, as well as providing buyers regular updates.
Ohmyhome helps Filipinos find their dream homes, all while making sure each real estate transaction is complete and is an efficient and enjoyable experience.Stay connected with Ohmyhome Philippines by following our official Facebook, Instagram, and LinkedIn accounts.