Buying a new house is the grandest investment you’ll make. It is a venture to keep for a lifetime. However, the shifting lifestyle triggers for the change of people’s undertaking and preparation of the future.
Contrary to homeowners before, who live in their houses for more the 30 years, property owners today are less likely to stay long. Usually, 5-10 years of stay is enough to sell their house.
Why Homeowners Sell Their House in Washington DC?
This phenomenon might be intriguing for some but it is actually a common practice for Americans. Here are 13 reasons why homeowners opt to sell their house.
1. Outgrown the Starter Home
First-time homebuyers, especially those that are newly married, usually purchase a property that can only accommodate them as partners. They overlooked the possibility of growing their family bigger in the coming years.
A spacious living room, additional bedrooms, and a bigger dining area become a necessity. With this, they opt to find a bigger house compared to their old one.
Make sure to buy a property that you believe will accommodate your needs for the next 5- 10. Although life isn’t always sweet and orderly-fashioned, preparing for the future is better than moving out every now and then to find a better and more comfortable home.
2. Wants a Grander Home
Who would not want a better, bigger, and grander home? Of course, everyone would love to.
People with extra funds would invest their money on a new and bigger house and upgrade their lifestyle for the better. This is no problem especially if you can afford to make a purchase. Just make sure to save for the rainy days. A luxurious house won’t help you on your immediate needs.
3. Rectify a Purchase Error
This should not happen but some buyers still make mistakes in their purchase.
For an instance, you may want to renovate your house, but zoning restrictions were implemented by the local officials without you getting notified by the seller. Or you easily fell in love with the newly- renovated house, only to find out that the location isn’t safe at all.
These mistakes happen because sellers get easily swayed by the seller or it is just due to personal negligence. Whatever the reason is, they didn’t get the best deal.
If this happens, you have two choices. It’s either to live within the restrictions or sell your house and move. Usually, the latter option wins.
4. Career Advancement
Job transfer is another reason why most homeowners move. If you are offered a job opportunity in a different state or town and don’t want to have daily commute then relocating is the best option.
Sell your home and find a local house nearby your new company. This saves you time and money.
5. Marriage or Divorce
Since more and more people are marrying in their late thirties, they tend to sell their individual houses to get a larger home in preparation for a bigger family. One, or even both of them, would sell their house to purchase a better property where they will start building memories.
Unfortunately, on the other hand, relationship breakup and divorce trigger homeowners to sell. Aside from forgetting the bad experience and memories from their old house, divorced partners sell their property with the goal splitting the profit to get equal equity.
6. Undesirable Neighborhood
You have transferred to an area that is quiet and homey, however, in a long-run your neighborhood has started to change. It becomes toxic and no longer matches your current and desired lifestyle— socially, physically, and economically.
When this happens, homeowners are compelled to sell their house to transfer to a new location where they can get a peace of mind.
7. Family Downsize
Kids have are already grown up and have built their own family. Once this happens, empty nesters would prefer smaller home.
Selling your old house and moving to a small yet cozier place is way better than staying in a house with no one to be with.
8. Family Connection
Some people want to get closer with the family while others don’t. Depending on your goal, the need to sell your house is an ideal idea if you want to relocate near or far from them.
Some retired and older couples would want to relocate to an active-adult community, where they can have an active lifestyle and pursue a hobby. Some would love to go on travels.
Cleaning and maintaining big houses is an issue for the older homeowner so they prefer to settle on a simple haven that is easier to sustain.
10. Health Issues
Back and knee problems and other physical ailments deter homeowners to climb high staircases and clean spacious property. Having these health issues, they would trade-off two-storey houses to a one-storey home or a condo unit for a simple lifestyle.
Others with severe health issues are recommended to stay at home with a nurse.
11. Cash in Equity
Your house bought 10 years ago has doubled and tripled in price now. With this, some owners opt to sell their house to get the equity. They are simply drawn to selling their home to get more funds than having a home.
If you do this, make sure to put your money to a better investment plan.
12. Extensive Renovation Needed
Your house requires a total renovation. You need to replace the siding, install new roofs, buy a new furnace, and a lot more other areas to improve. This would possibly cost you more than buying a new home.
With this, homeowners choose to sell and buy than to spend money on the home improvements and renovation.
You weren’t able to pay your loan which set off mortgage lenders to foreclose your property. Before they close and sell your property, you may want to sell it yourself and pay the remaining loan balance before everything gets worse.
This is a strategy done by most homeowners to avoid foreclosure and still get money from its sale.
The above reasons are the most common reasons why homeowners sell their home out of the many. Usually, it varies on your financial goal and life circumstances.
However, putting your property on sale is difficult and takes a long process. If you want to take the plunge and sell your house fast, contact The Home Buyers.