Many people encounter some hesitation when they are first thinking about selling their home. If you’re on the fence, consider these signs it might be time to sell your home in Toronto.
6 Signs It Might Be Time to Sell Your Home in Toronto
1. You Need More Space!
Whether you’ve added family members or simply added more stuff, if you are feeling cramped, it’s time to move on. As you family grows, you will inevitably need more space. Not just for people, but for all that additional stuff! Or maybe you are working from home, and really need that office to be successful. Have you always wanted a man (or woman) cave but have never had space? Whatever your reason, if you are stifled in your own home, and adding an addition isn’t feasible, it is time to go!
2. Empty Nest
On the other hand, if your kids have moved out, or the house simply feels too big, it might be time to think about downsizing into a smaller home. Not only will the home require less maintenance, but you will save on utility and property taxes. Offloading years off accumulated “stuff” can be a big stress relief and even put some cash in your pocket should you hold an estate sale. Cleaning a home and maintaining a large yard can become increasingly burdensome as you get older.
3. Your Community Has Changed
When you moved in, it was a quiet neighborhood with only a few families. But now, there are major roads running through, a coffee shop on the corner and people and traffic everywhere! Maybe crime rates have risen, or the addition of modern homes has affected your property taxes. Do you live somewhere with a rigid HOA? If you don’t LOVE the neighborhood you live in, you might want to think about relocating to a location you will love!
4. You Can’t Stand The Weather
Do you find yourself always complaining about the heat and humidity? Or maybe that you are still getting snow in May and you are sick and tired of it! Nobody should live in a place where they are unhappy. Stop wasting time living in a climate that you aren’t suited for. Now it the time to sell, and relocate to a place where you can enjoy the weather year round!
5. Capital Gains
Over the past few years, home prices have gone up considerably in Toronto. By selling your home now, you may have the opportunity to collect up to $250,000 in tax-free capital gains provided you have lived in the home for the past two years. Does someone else own the house with you? If so, that number jumps to $500,000 that you can collect in capital gains… tax-free.
6. You Are Spending More Time Commuting Than With Your Family
Spending time with your friends and family is so important in maintaining your happiness. Commute times are longer than ever and people are spending hours a day in their vehicle or on public transport. In the long run, missing out on quality time, and feeling stress to get home before the kids fall asleep, aren’t the kind of memories most people want to make. Moving closer to your job will save you time, money and lower your stress levels!