Every homeowner eventually faces the question of whether to stay or sell. Staying is a good choice if your home meets your current and future needs, the schools are good or price values are low. Selling is a good choice if you need a different kind of home or have an opportunity to make a great deal of money.
There is no wrong choice. Each person makes this decision based on where they are in life and the needs of their family. However, if you are struggling with this decision, there are some factors you can consider that may help you decide.
Here are some issues to contemplate when deciding whether to stay or sell.
Pros to Stay
The decision to stay or sell your Tampa home involves both emotional and financial considerations. Here, we try to touch a bit on both. These are some reasons you might want to stay.
You’re Perfectly Happy
Some people simply want change for change’s sake. But that’s not a good reason to make a major life decision such as selling a home. If you still are comfortable with the size of your house, considering making other changes, but not where you live.
The Schools Are Great
Unless you’ve lived in a neighborhood with schools that are not so great, it’s hard to explain how valuable great schools are to your kids and your peace of mind. Being in a great school district is a smart reason to stay put, at least for now.
You Can’t Afford The Change
In some cases, you may want a better home or nicer neighborhood, but you simply can’t afford it. It’s wise to not make a move that will put you deeper into debt. Instead, work on getting your finances in order and having more cash on hand before making the move.
Prices Are Low
Markets go up, and markets go down! If the Tampa housing market is currently in a downturn, consider waiting until prices go back up before selling.
Pros to Sell
The following are some of the reasons to sell your house and move on. We’ll skip the obvious things, such as a new job in a different city, a change in your personal life (marriage or divorce) or moving closer to a job to save time on your commute.
At some point, you make enough payments on your home that you amass a large amount of equity that you may decide is big enough that you want the cash in hand. You can calculate your equity by looking at your latest mortgage statement and determining how much you owe, then looking at the potential value of the home if you sold it. Take that value number and subtract it by what you owe. That will give you a good estimate of your equity.
You Can Afford a Better Home
Many people buy a “starter home” with their first home purchase. Then, life happens. They have kids, they get stuff, and soon their home seems far too small for their lifestyle. If that’s the case, it’s time to considering selling – but only if you have the equity in your current home or other cash that allows you to afford a new home.
You Can Afford a Better Neighborhood
This same thing applies if you have decided that you can finally afford to move into the neighborhood you always dreamed of living in.
Home Values Are High
If Tampa home values in your area are sky high, it could be time to sell and “cash in.” But again, only do so if you can afford to purchase another place to live. Deciding whether to stay or sell is a tough decision. But by weighing all the factors, you can arrive at a decision that makes sense for you, both emotionally and financially.