You visit a garage sale on a sunny Saturday morning and find a bicycle that you think would be perfect for your child. You look at the price tag and it’s about twice as much as you would expect to pay. When you question the owner, he says, “That bike has a lot of sentimental value for me. I couldn’t let it go for less.”


Chances are, you’ll pass on the bike. The owner sees the bike and happily remembers teaching his daughter to ride it. What you see is just a bike! You can’t buy someone else’s memories.


This scenario sometimes plays itself out in real estate. A homeowner has fond memories of his home. He may have renovated the den himself and is proud of his work. He may delight in memories of family BBQs on the deck.


That doesn’t mean the house will sell for more than its market value.


So when you put your property on the market, make sure emotions don’t get in the way of pricing it properly.


Fortunately, memories will stay with you, even without your house. You’ll be able to happily take them along to your next home.

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You’re probably aware that there’s more to the cost of a new home than its purchase price. So, to help you make an informed decision, ask yourself the following questions:


  • How much do you expect to pay for moving expenses? Don’t forget to include packing materials in your calculations.

  • “Closing costs” are the extra charges you will have to pay at closing. How much do you expect your closing costs to be?

  • Estimate how much you’ll pay for activating your phone, internet service, cable television, and other utilities in your new home. These little costs can add up.

  • Will your new property require painting, repairs, and other preparations once you move in? How much will they likely cost?

  • Will you need to purchase new furnishings, decor, and other items for your new home? What’s your budget for those items?

The more aware you are of the true costs of a home you’re interested in buying, the better choices you’ll be able to make about that home. If you decide to buy, you’ll be able to do so with much more confidence.

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