Determining when you need to buy a home is easy since there’s no shortage of articles indicating if you should buy or rent your next home within Cambodia. However, selling your home is not so easy since there’s a number of factors you have to consider. To make it easier to determine if you need to sell your home, we have compiled a list of five telltale signs that you need to sell your property as you can see below.
If you’re financially stable
The first sign you need to determine if it’s the right time to sell a property is if you’re financially stable. Without considering the potential profit you’ll get from selling your home, you need to have a baseline financial stability that will allow you to secure another property (whether by renting or buying). This means that you’re not simply making snap and emotional decisions on selling your home and you’ve fully considered the repercussions of putting your home for sale.
If your home has too much space
The ideal scenario when buying a property is to consider the future, including the number of occupants the home you’ll buy will have. While this is a good idea, people make the mistake of getting a property with too much space than they can use, thereby not fully utilizing the home. In this case, you need to sell your home to find a property that fits exactly what you need at the moment. This is especially important if you believe there won’t be any changes in the near or coming future so you can save money.
If it’s a seller’s market
Whether you’re considering selling your property now or at a later date, you need to make sure that you check the market first. If you’ve seen that properties similar to yours are selling within a short timeframe and there’s a shortage of them in the market, then it’s the right time to sell. In short, it’s a seller’s market since your property is currently popular for buyers. However, make sure to look at the prices they’re sold at, interest rates, and how fast they’re selling to get a gauge for what you can expect when you sell.
If you’ve outgrown it
The most common misconception when you buy a home is that you have to stay there forever. However, this is far from the truth since you can buy a property, use it for a few years, sell it and then buy a different home. This usually happens when you want to change your home, simply because the interior or architectural design no longer works for you, or because the number of people living in the home has exceeded its capacity.
If upkeep is no longer within your budget
Sometimes when a property has been in your care for years, the number of things up for repair and maintenance stack up to the point that it gets heavily expensive. In this case, if you experience this situation for a month or two, then you can remain financially afloat. However, if this has become the norm, whether you’ve owned the property for a short while or years already, it will put a strain on your finances.
Rather than keeping a property that will sooner bankrupt you than increase your portfolio, it’s better to sell your home. Using the profit you’ll get from selling, you can then reinvest into another property in Cambodia or find other ventures.
If you find yourself relating to these signs and are considering selling your home, our team of Cambodia property experts can guide you through the process and help you sell your home at the right price.
KH