As an Ontario cash house buyer, I’ve spoken to homeowners who have chosen to sell their homes for several reasons, both voluntary and in situations where they have no choice. Changes in circumstances tend to be at the top of the list of why people choose to sell and we’re going to take a look at these today.
Increase or Decrease in Family
A lot of first time home buyers choose a home that they can afford at the time. For young couples who are planning to start a family, you will soon find that you have outgrown the size of the home and need to update to something bigger. The same goes for home buyers who have kids that will eventually be moving out on their own. They find that, once this has happened, they are left with more space than they need, and more of an expense. So, they look for a home that is smaller that will also save on their monthly expenses.
A New Job or Loss of One
For some people, the choice to sell their home can go hand in hand with a job that wants to relocate you or being offered a better paying position/pay in a different city. If it’s your company that needs you to relocate, they may pay for any relocation costs, such as real estate fees, fees involved with breaking your mortgage contract, fees for disconnecting and reconnecting your utilities, and in some cases, will cover any loss you incur when selling the home.
Then there is the situation where you unexpectedly lose your job and find you can’t cover the monthly expenses involved in keeping your home. This means selling up and finding something more affordable in some cases.
Lots of Renovations
Working as an Ontario cash house buyer, I have seen this scenario quite often. Someone buys a home to fix it up to sell it for a better price. However, they find there are more issues than expected, or they come to realize it will be more work and costs than they anticipated. In these scenarios, people will choose to sell the home and find something less time and cost consuming.
Relationships and Cohabitation
One of the top relationship reasons for selling a home is going through a divorce. When you get a mortgage, it is usually done with both incomes being taken into consideration. When divorce is involved, the other person may not be able to cover the costs on their own, so the choice to sell is a must.
With cohabitation, or two people choosing to live together, one person may need to sell their home when moving in with the other. This is usually done to cut down on expenses and share the bills. The same goes for people getting married.
Normally, when you buy a home, you take the distance and time of commuting to work into consideration. What seemed like an easy trip at first may become tiresome when you are making the drive day in and day out. So, some people will sell their homes to find something closer to their jobs.
Issues in the Neighbourhood
You never really know what your neighbours or neighbourhood is really like until you’ve lived there for some time. Whether it’s a change in the neighbourhood’s development or changes in neighbours that have become a problem, homeowners will sometimes choose to sell their home to find a better area to live in.
Major health issues are one more reason for someone to choose to sell their home. For example, someone who finds they can’t easily move up and down the stairs may look for a bungalow type home that is easier to get around in.
There are many reasons for selling your home and if you find this process stressful and difficult, feel free to contact us as we aim to make this as easy as possible for you. We are experienced home buyers and can help you today!