Selling your property is a very big decision to make. It can happen for a number of reasons. However, there are some considerations to be made as regards house sale or land sale. Are you making a mistake selling your house or are you making the right choice to sell off your property? Here are 4 issues to consider before selling your property;
- EQUITY
Equity is the value of your property minus liens or other proprietary liabilities. You have to consider if your house will give you more income than when you purchased it; if the money to be realized after the sale of your property will give you extra income and help pay outstanding debts.
- MARKET
Does the market currently favor sellers in property sale? Is the market positively inclined? Will the market stay the same? Or does it have the tendency to change over time? Will the odds be against the seller when the market changes? Are you going to break even after selling your house? Going over the market trends for property sale is one way to know whether or not you’re making a mistake by selling off your property. If the market doesn’t favor property sale then you’re definitely going to be at a loss after selling your property.
- PROPERTY APPRECIATION
You also have to consider if your house is in the perfect shape to be sold off. Will current condition or location of your house make it appreciate or depreciate in market value? Will your house attract the kind of customers you intend on selling to? By how much has your house appreciated over the past years of ownership? These questions should be thought about carefully and answered sincerely. Personal bias may occur so do not hesitate to seek the opinion of your real estate agent.
- FUTURE
You would also want to think thoroughly about your plans for the future. Do you already have a place to move to after selling your house? Are you selling your house based on financial pressure? Will selling your house a now bring in more income? Or will selling it at future date be more profitable? You also have to consider the type of house you intend to move into and its functionality.
The factors influencing your decision to sell your property should be thoroughly weighed. You should answer these questions as honestly as possible. So now the question is; are you making a mistake selling off your property?
Article Written by Sanusi Anslem
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