So you’ve been told that if you sell your property now you could have some equity, chunk of money, to take with you. After all you purchased under the right circumstances, at the right price and the demand is HIGH right now. So why not take the money and run?
In the late 1990’s an agent called me (I wasn’t licensed and cold calling was OK) and that agent said “Do you want a BUNCH of money for your property?” Well, of course I was packing before that call was over. So then what? I was going to get a substantial amount of money but where was I going to go?
So if you’re thinking about selling, let’s think about what to do next ::
Contact a tax professional for any tax consequences
You purchased right and when you sell you’re going to have X amount of money.
Know what this number is going to be or at least close to it. Your licensed real estate agent can help you with this.
Do you want to stay in the same general area you’re in now? Can you stay based on your equity only?
Do you want to stay close to friends and family?
Would commuting to see friends, family, doctors or other activities work for you? How long a commute? 1 hour? 2 hours? More?
Is your goal to take the equity from your current home and invest some or all of it into another home?
Will you have to work after you move? Can you stay with your current company? Can you relocate a company you run or manage?
Answering these questions will help if you have to get a mortgage for all or part of your move.
Are regional differences going to make a difference? Maybe the new area gets very hot or gets more snow than you’re use to?
What’s the crime like in the new area?
How long do you want to stay in the new house? Are you going to retire there?
How easy is it going to be to make friends? Participate in the community?