Selling A Home Article

6 Reasons For
Selling A Home -
The Pros And Cons

By Noel Peebles

Homeowners faced with financial or personal problems sometimes sell their homes
for the wrong reasons. The Truth is; they might have been better off, had they
thought more about their situation and considered some alternatives.

That's why before putting your house on the market it would pay to: think about
why you are selling your home, consider the alternatives and carefully weigh-up
the pros and cons. These 6 common reasons for selling a home will help
you do just that:

Expensive monthly mortgage interest payments on your home.
Alternative Solution: Refinance your current home loan.
Pros: If you have owned a home for several years and have not refinanced, you may
be able to refinance at lower interest rates and significantly reduce your
monthly payments.
Cons: Refinancing essentially resets the clock on your home loan. This may cost
you money over a period of time, however it is worth doing some calculations.

No money available to upgrade your home.
Alternative Solution: Refinance or consider applying for a home renovation loan.
Pros: Renovating and improving your home can increase its market value.
This could prove to be a good investment for when you do decide to sell.
Cons: Increasing the value of your home may also increase the amount of property
taxes you pay (depending on the laws in your country).

Need more space than is in your current home.
Alternative Solution: Consider remodeling existing home rather than buying a new
property. A more open-plan style may provide more living space. Consider
enlarging, or adding, a bedroom or bathroom to your existing home.
Pros: Remodeling should improve the resale value of your home. It will also save
you real estate agent's fees and other costs associated with moving house. You
may need to use your home equity to finance the project.
Cons: Remodeling your home may mean an increase in the property taxes you pay.
There is also the danger of over-improving your property. Some people fail to
recoup their investment when they come to sell their home.

Need less space than is in your current home.
Alternative Solution: Renting out part of your home could be an option.
Alternatively you could rent out the entire house and buy a smaller house to live in.
Pros: If local property values are on the rise it might pay to not sell your home right
now. By renting your home out you might gain some tax benefits and be able
to claim rental expenses.
Cons: Becoming a landlord takes some work and can have its problems.
You will need to find good tenants and keep the property in good renting order.
You may need to consult a tax advisor, carry liability insurance and you will
be required to keep good financial records for the property.

Escalating costs of keeping your current home.
Alternative Solution: Again renting out part of your home could be an option.
You could buy another house in a less expensive area.
Pros: If the property market is on the way up, your home might be worth holding on
to as a longer-term investment. This is especially so if you are considering
buying in a lower-priced neighborhood. By not selling you'll also save on real
estate costs.
Cons: You will need to be in a position to carry another home loan as well as your
current mortgage. Also, by waiting to sell, you may be disadvantaged when the
real estate market and prices level off.

Change in your circumstances.
Alternative Solution: If you are experiencing major life changes you could consider
selling your home at a later date.
Pros: Sudden illness, a family bereavement, or marriage breakup is stressful and can
trigger a rethink in your position. Rather than be rushed into selling your
home, it may be make more sense financially to hold-off selling right now.
This is especially true if the real estate market is depressed. A marriage
breakup could require you to refinance to pay off your partner's share of the
equity in the property.
Cons: If the real estate market is buoyant and near its peak, a delay may cost you
dearly especially if there is a sudden downturn.

When selling a property, being in a state of indecision can be very frustrating and
can cause needless stress. Not making a decision, or making the wrong
decision, also has its downside. Think carefully about your reason for selling
your home - think about the alternatives - then consider the pros and cons
before you rush in and put your house on the market. And remember;
regardless of your reason for wanting to sell your home, it usually pays to talk
your ideas through with a financial advisor.

Noel Peebles Market Leaders Limited.

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