Like many people, we had been struggling with the decision about whether to try to sell our house. We had no doubts that we didn’t want to stay in our current house, but we bought it when the market was still high (2006) and knew we wouldn’t be able to get what we paid for it.
We explored renting our current home, remodeling our current home (we even had plans drawn up!), and just staying longer when making this difficult decision.
Ultimately, we decided to go for it. Three important factors were what ultimately led us to this decision:
1) It’s a buyers market. While this meant we’d take a loss, since we were buying “up” (getting a more expensive home than we currently have) that meant we’d experience the benefits of this market when we went to buy.
2) We have diligently followed our cash budget for the past few years which has enabled us to have ample savings to cover the loss we needed to take on our current home.
3) It wasn’t the right move for us to stay. While many families make due in two bedroom homes with children sharing a room, it wasn’t practical for us. Our home is small (a little over 1,000 square feet) and awkwardly designed. We would never be happy and feel truly at home, and remodeling would be a difficult and costly endeavor.
Once we decided to sell, we had a whole new can of worms – what to list the house for?
Photo Credit: Tracy Booth