When to Reconsider the Five Year Rule of Homeownership
October 3, 2019
Your home should be somewhere you feel happy and comfortable, but what if it isn’t? Is it okay to sell your home soon after you’ve purchased it? Well, conventional wisdom tells us to live in a given home for at least five years before we sell it. However, there are a few exceptions to this five-year rule.
The first is if home values in your neighborhood suddenly skyrocket. If this happens, you may very well want to take advantage of the chance to sell for top dollar.
And if the opposite occurs, this is another time in which selling before the five-year mark may be wise. If home values suddenly plummet, you may want to get out of your property before they drop even further.
"Your home should be somewhere you feel happy and comfortable."
Of course, facts and figures aren’t the only things that matter. Your feelings are important, too. If you simply don’t like living in your home and can’t wait any longer to leave, it’s perfectly acceptable to move before you’ve been there for five years.
If the things you dislike about your current home could be resolved with a few renovations, however, this is also an option. Generally, investing in renovations that will bring a high return is best. Bathroom and kitchen upgrades tend to add the most value of all possible home improvements, and can easily transform the “feel” of your home. The only catch is that these improvements require a significant financial investment. Therefore, it’s best not to make these upgrades unless you do plan to stay in your home for five or more years. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.