Here comes a step guide to decide whether to sell your house:
Determine your savings: Before selling an asset, it is prudent to find out your equity position. When you do not have enough savings, it is unwise to spend on rent.
Look for alternatives: If you are opting to sell the house because of difficulty in paying the mortgage loan, look for financial institutions who take-over loans at cheaper interest rates. Check whether friends or relatives can help financially.
Loan position: If you want to sell your house, always pay off the loan first. This will be added advantage while selling. Also financially this will enable you to invest in a better property.
Stay options: Think where you will stay once you sell the house. If your position is sound enough to buy a better new house, that is fine. Otherwise, your income should be sufficient for hiring a new house.
Emotional quotient: Check whether you are emotionally prepared to sell the house. As per powerful life quotes & sayings,‘ the best time to buy a new house is always five years back’. You should not regret later for losing a lucky property. A house is more than a building. It is a treasure of so many sweet memories. Even tough times we had faced bravely become sweet memories at one point. These memories will impact health once the property is sold. So you can sell a house once you do not have any emotional attachment to the property.
Market analysis: If you want to sell your house, check whether it is the proper time. Collect and analyze market information. If real estate market is in boom then the house will fetch a good value. If the market is dull, provided you do not have any financial needs, you can wait and sell the house.