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If you’ve only owned your home for a couple of years, and took out a mortgage loan financing over 90% of the purchase price, then you likely do not yet have enough equity in the home to pay closing costs should you decide to sell. Typical closing costs and agent commissions can range from 8%-10% of the purchase price. This means it can actually cost you more money to sell your home than you can profit from it if you lack equity.
When you are looking to sell your home, there are a lot of upgrades, renovations, and cosmetic enhancements you can make to the house so it is more appealing in a competitive real estate market. However, if your home is poorly located, or in an undesirable neighborhood, then it makes it much more difficult and time consuming for you to sell the house with a traditional realtor.
To sell a house quickly in a conventional and competitive realty market, it has to have immense curb appeal, upgraded features, and beautiful aesthetics. If a home is visually and structurally appealing, and offers a favorable floor plan, it makes it much easier to persuade and entice potential buyers to make the decision on their purchase decisively.
If your home has been significantly damaged by a storm or fire, then you are likely facing extensive expenses to repair and restore the condition of your home. These costly repairs, coupled with the mortgage payments you have remaining on your home loan, may be too much of a financial burden for you to take on. If so, you should consider selling your home instead of trying to fund all the damage repairs.
If you wish to sell an older home that is in desperate need of renovations, then it can be very challenging, time-intensive, and expensive to upgrade the house and prepare it for listing on the market. Depending on the work that needs to be done to make your home more attractive and competitive on the market, you could end up easily investing tens of thousands of dollars on upgrades and repairs.