If you’re considering refinancing your home, selling could be a better option for you. Depending upon the reasons, the timing and other circumstances, it may be better to sell than refinance your home in Louisville. We will explore 5 reasons why:
Equity
Equity is the portion of the home you actually own. At the time of purchase, you should consider your exit strategy for the property. The exit strategy is your plan for when to sell your home for the most financial advantage. It is also wise to update your exit strategy from time to time based on the current market so that you move when the price is at a high. This way, you can get the most out of your equity.
Holding out for a better price could allow the opportune moment to pass by and mean you are actually losing equity. This is a big reason why it may be better to sell rather than refinance your home in Louisville.
Changing Needs
Did you buy a starter home and now find that you and your family have outgrown the property? Or maybe the property you have now is more than you really need or want to take care of? Often, it is much simpler to buy a new home that already suits your needs rather than attempt to renovate or make additions to your current property.
Major remodeling projects can lead to the discovery of serious and extremely expensive issues. On homes that are older or in a state of disrepair, this is a huge reason why it is often better to sell than refinance. You could literally save thousands of dollars and months of time by moving upward and onward to begin with. You can avoid inspections and appraisals by selling directly to We Buy Houses in Kentucky.
Current Income
Income can change unexpectedly, especially in uncertain times. You don’t want to wake up one day to find yourself carrying the financial burden on a home that is suddenly more than you can afford. If this happens, you may want to consider selling instead of refinancing, as refinancing may only draw out the issue. By selling your home in Louisville now instead of later, you can pay off your existing mortgage while stepping into a more affordable property. This will also lower your annual property taxes, saving you even more money over the long term.
Debt
Due to circumstances beyond your control, you may find yourself facing serious debt issues. Some homeowners may be able to settle their debt with enough equity remaining to finance a less expensive housing option. This option can be a real life saver. Getting out from under debt and regaining your financial health can mean you can get back to your life without the added stress of debt.
You should also consider your credit health. Overwhelming debt could cause your credit to become adversely affected, meaning you may be unable to qualify for more credit. Should a lender take the risk and approve you for a loan, it is likely that you will be paying exorbitant interest. This means you are actually losing any money you could possibly build in equity over the same time period. Because of this, it may be better to sell your home in Louisville rather than refinance.
Credit
The long-lasting effects on your credit of late or missed payments can have huge adverse effects on your future. As time passes and your credit worsens, your credit rating will drop. Some of your debtors may increase the interest you are paying on existing lines of credit. This is especially true if you find yourself nearing foreclosure. It is extremely important to face your troubles head-on and act quickly. Foreclosure can be a devastating experience, both personally and financially, appearing on your credit history for seven years.
The bottom line is, it may be better for you to sell directly to We Buy Houses in Kentucky right now than refinance your home in Louisville. Whether your reasons are financial or because your property just isn’t the right home for you any longer, by selling now, you will end up ahead of the game.
By working with We Buy Houses in Kentucky, there is no lingering around, waiting for the right buyer with the right offer. Let a professional take the weight off of your shoulders, ensuring your needs are met in the transaction. Our husband and wife team, Daniel and Catherine Close, take the time to listen and are willing to meet your needs. We are always more than happy to explain every step of the process. If you live in Louisville, Kentucky or surrounding areas — including Bardstown, Fern Creek, Highview, Jeffersontown, La Grange, Lyndon, Mount Washington, Newburg, Okolona, Shelbyville, Shepherdsville, Shively, St. Matthews, Taylorsville and Valley Station — we can help you! We also buy homes in Southern Indiana, including Clarksville, Jeffersonville and New Albany.
We have a team of reliable professionals who can handle everything for you and are readily available to support you from day one through the final day of closing. Why not let We Buy Houses in Kentucky answer any questions or concerns you may have and help solve your problems? Just send us a message, or call We Buy Houses in Kentucky at (502) 383-1484 today!
