You’ve decided you want to sell your DC house, but you’re not sure if it’s the right time to sell? Before you make a decision, we recommend you ask yourself a few questions, which we’ll cover below, to help you determine if it’s the right time to sell your DC house!
What is the property in DC doing for you?
Your house should be doing one of these things:
- The home is your primary residence, somewhere that meets all of you and your family’s needs.
- It is a house you rent to high-quality tenants (or an Air BnB) which provides a consistent income with low overhead costs.
- You use the property for recreation. Maybe is a place for vacations or a weekend home.
If your home is vacant or costing you in repairs or tenant turnover, it might be time to sell your DC house!
Is there another property that would better meet your needs financially?
In the world of investing, they call this “Opportunity Cost.” What property are you potentially missing out on because your money is tied up in a different one? Take a look at what’s out there. DC can be very expensive (check out our last article) and there may be a better place you could be investing your money.
Do you have “too much house?”
People buy their homes for what they need at the present moment. If you have a house full of kids, you might require a 5 bedroom home. However, down the road, you might not need so much space. Keeping up with a home that is too large can be stressful! You don’t need to live in a house that is too high-maintenance.
Or do you feel cramped?
On the flip side, people often grow out of there space. As families grow and acquire more things, they often require more space. Imagine what having a little extra space could mean for you and your family!
Is this really the house you want to be in forever?
There is no rule that states you need to stay in the same home forever. The beauty of real estate is that you can move at any time you want. Think about your future, a few years down the road. Can you picture yourself in the same place, or do you see yourself somewhere different?
Does the house need repairs?
Maybe the house is old and is in need of repairs you simply don’t want to make. Making repairs on a house you don’t really want can not only be expensive, but stressful and burdensome too. You can choose to work with a reputable direct buyer such as Consistent Homebuyers, who will buy your DC house as-is. We will take care of everything, including the property’s repairs.
Do you have equity in the home?
If you are able to sell your DC house, pay off your mortgage, and have some left over to put down on a new house, selling might be right for you! If you are able to get at least 20% down for your new home, even better! If you would like to know more about the current value of your home, call us for a CMA (comparative market analysis) on your property! (202) 873-8226
What is owning your DC house costing you?
How much are you spending each and every month to own the house? The costs of home ownership go well beyond a mortgage payment. You will need to consider other ways you are spending money on the house such as taxes, insurance, and maintenance (See last article).
If you have been thinking about selling, it likely means that it is the right time! There isn’t one answer that is right for everyone! Consider your options and make the decision that works best for you! Our team is ready to help answer any questions you may have!