Anyone who considers selling a house always thinks of the time that spends there. But what is the optimal time for living in the house before you decide to sell it? According to the National Association of Realtors, people spend 10 years in the house before it goes up for the sale.
However, there are no exact rules about this. A new opportunity for employment may lead you to sell the house. here, we will discuss the average time you should spend in the house before you find a buyer that will pay for it.
5 to years would be close to cover the investment
First of all, you must know that you will rarely be able to get back the same amount of money you invested in building the house. Over time, you will have to fix something, perform maintenance and repair some things, so the costs will rise. Therefore, realize that living at least for 5 years in your house is considered as a good cost cover. Any period below those years is considered not to be profitable. To be more precise, the biggest aspect that determines whether you should sell it or not is the mortgage that you pay for the house.
Sometimes, the interest that you pay to the lender will be much more than you primarily invested in the house. Considering this, it would be wiser to stay put in your house than to move. After all, you built it to live there and not to sell it, at least for the next 10 years. If you have to sell it, sell it only if you have to move because of the new job that will get you more money. That is the only math that can help you to earn something from the whole situation.
Look for the market prices
Selling an estate at all costs is never a good option, especially when the market conditions are not great. If you are not in the hurry, prolong the sale, as it is very likely that the price will rise in several years.
Still, no one can guarantee this as this is something that no one can predict. Try to get the best conditions when the demand is high. This is the time that you might be able to pull out your investment.
Staying can save you from the additional costs
If you decide to stay, you are not losing a single dollar, bottom line. Every moving costs you a lot of money, not to mention things that you might need to fix or repair in the new home. Therefore, before you build a house, make a plan for your upcoming period to know whether you will stay for a longer period of time. You should stay at least 5 years in your home to “make it profitable” or to say, to repay the cost of the investment. However, if you have to move, try to sell your home to get some money back and cover your investment.