Are you spending hours looking through listings, but just can’t bring yourself to put your home on the market? While you may not buy your home planning to live in it forever, selling your first (or second, or third) home can be an emotional decision. We spoke to our agents and identified ten signs that will let you know when it’s time to put your home on the market.
1. Interest rates are low
Interest rates are currently at an all-time low in the UK. According to Richard Parker of Fine & Country Cambridge, low interest rates are a good indicator that it’s time to invest in property. “When interest rates are low, your savings won’t be performing well,” says Richard, “it might be the right time to sell your property and consider buying something larger with savings. Speak to a financial adviser and see if investing in property is the right move for you.”
2. You’re feeling cramped
Are you and your family feeling a bit too close? Many people move because they’re outgrowing a property. According to Charles Eddlestone of Fine & Country Fulham, “it doesn’t matter if they have children or an in-law moving in, when there’s not enough space, you’ll certainly know it. If you can anticipate and move before space becomes an issue, you’ll feel less pressure to buy immediately, so do your best to plan ahead.”
3. You’ve got too much space
While it’s very common to sell because you don’t have enough space, having too much space is just as common a problem. “Having too much space after your children leave is very normal,” says Richard, “too much space can mean that you’re spending too much on heating and maintaining your property.” If more than two of the rooms in your home aren’t regularly used, it might be time to consider buying a new property.
4. Tax rates and stamp duty are reasonable
Tax rates and stamp duty can dramatically affect the price of your new property, so it’s always sensible to check the costs involved before you begin looking. The best time to put your property on the market is when tax rates and stamp duty are at their lowest. To calculate the stamp duty on your property, click here.
5. You have a sum of money to make improvements
Before you sell your property, one of the best ways to make sure you increase its value is to make some improvements. These don’t need to be extensive improvements, normally landscaping and a new coat of paint are all your home will need, but even those improvements will require a small investment. Andrew Spicer agrees, saying that “the only tax-free way to invest in property is to invest in your own property, and improving your home can increase its value.”
6. You’re unhappy with your garden
One of the only things you can’t change about a property is the land that it’s built on, so if you require more land, it’s definitely time to put your house on the market. Conversely, if you find that you’re spending all your time in the garden maintaining it instead of enjoying it, it may be time for a change as well. Sean Newman of Fine & Country Rugby says, “if your kids need more space to play football, rounders, tennis, or just generally run around with their friends, it may be time to find a home with a bigger garden. When kids have grown up they will have fond memories of all the fun activities they played in their garden at home so making sure they have enough space is a great reason to move. You also get to see them having fun in your garden rather than them going to a local play area to their friends’ house.”
8. You’re selling to a peak market
Charles Eddlestone of Fine & Country Fulham says, “if you can, wait until the market is at a level where you’ll make a profit when you sell your home. If you bought your home at the top of the market when prices are most expensive, do all you can not to sell your house when prices fall. Always try to sell your home for more than you paid for it.” Watching the property market is critical when selling your home, and it’s something that your estate agent should do for you.
9. Your neighbours just sold their house for a price you’d be
thrilled to get
If another home in your neighbourhood has sold for a good price, it’s definitely time to think about selling. Ask an estate agent to come to your home for a free valuation to get a good idea of what kind of price you’d get if you sell. If you’re happy with that number, consider putting your home on the market.
10. You’re ready for a new adventure
As Richard says, “sometimes you’ve just got the moving itch.” If you’re bored and looking for something new, put your house on the market and see where it takes you.
Are you thinking of putting your home on the market? Get in touch with one of our agents and request a free property valuation today.