In Pakistan, people have special feelings for their homes. Having a dream home is known as life accomplishment. Thus, making up a mind whether to sell your home or not is a tough task.
Thus, it can be said that several factors are needed to be considered for determining if you’re ready to sell your home. We have pile up 6 questions for you to assess yourself regarding this matter
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Why are you selling your house?
It is very important to find out reason for selling a property assets. So, think about the aim for selling a house. There will be 3 possible reasons
- Maximizing profit
- Uplifting living standard
- Taking out invested money
In either of conditions, you must know the ultimate aim of our actions. Because it will directly impact your future choices
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Do you have cash-in-hand to purchase new house?
If you are planning to sell current house and buying news one, keep in mind the down payment aspect.
If you have enough savings to pay down payment for another house then everything is in order. In other scenario, firstly you have to wait until the sale of current house before able to put money for another home.
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Can you afford the improvements for current house?
To get maximum profit out of the house sale, people go for house maintenance and repairing. It may involves several thing, mainly including Painting home, Plumbing fixtures, wooden work, tiling and many more. The amount you spent on these maintenance is dependent upon the condition of your home.
So, it is also important to analyze if you have this desired amount in your pocket or not.
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What is equity do you have for your house?
Equity can be said a difference between the market value of your home and mortgage balance. If your equity is a positive value then you are all set to sale it out. On the other hand, if it’s a negative, you would be ‘Underwater” and you’ll have to face the loss in this condition.
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Do you have ability to receive negative response from buyers?
Selling your home is all about buyers’ choice. They will look into the house according to their own lens. Thus, you will end up hearing buyers’ comments about your home. And it is not necessary by any means that it would be positive only.
If you presumes you are have ability to hear critical feedback in this scenario, then somehow you are ready to sell your home
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Do you think it is a right time to sell your house?
There are several factors to conclude if it is right time to sell a home or not. Financial gain is the utmost priority for everybody in selling any assets. Keep vigilant about the sale and purchase in your neighborhood. If homes in your suburb is selling faster, it would be right moment to put your inventory in selling list.