It can be difficult to know when might be the best time to sell you home especially if there isn’t a job change or life circumstance moving you. Knowing that what goes up must come down and that every asset class is cyclical it’s important to know where we are in the overall housing cycle. Knowing your market and where migration patterns, employment and overall economic health stands will help you decipher whether now may be the right time. If this is still a bit vague looking at three additional considerations.

Not being ready to buy a home can be so discouraging, but maybe even more discouraging is buying a home before you’re ready. The last 18-months have brought about so many aspects of uncertainty and while there is a lot of uncertainty, there should be even more of a focus on making sure that your finances are in order. Not basing your financial wherewithal based on what a bank or financial institution tells you that you can afford but on what you can realistically afford and comfortably afford in a time of uncertainty. Looking at these 7-steps will help you ensure this decision is made mindfully.

Looking at your home from an objective standpoint ensures that you are realistically looking at what it needs before listing it. Taking four steps to prepare your home to be listed while ensuring that buyers don’t get stuck focusing on the negatives will ensure you sell for top dollar. In a market that seems to continue to rise, you may not think that these aspects would necessarily matter as people waive inspections and appraisals, but preparing your home properly so it’s ready in any market will help you to always maximize the sale price.

Looking at how you could use your home as a form of rental when you decide to move will help you. Either having your property professionally managed or using a platform like Airbnb or VRBO may be the best option to maximize your homes return and provide a more or less passive income source. Having the flexibility of a short-term rental may help you to watch the indicators of the market discussed in a prior episode and sell the property when the value is where you want it to be. Look at running the math as to which option may be best for you.

Knowing the average home price in your area and/or the area you want to be in is especially challenging in this market. I’m a balanced market though, you will typically be able to utilize certain tools to help you determine the value taking your personal bias out of the equation. Sometimes it’s hard to really know what your home is worth because the value of the additions, renovations, or simply the appreciation may be off compared to what someone is willing to pay and/or what the market demands.

A downturn in the housing market is a fear that many have, especially with the double-digit increases we have seen over the last year. Looking at the economy at-large narrowed to your specific neighborhood, it’s important to watch key indicators related to your sub-market. Going through the process of looking at the fundamentals related to housing to see if your specific area is or will be affected by some of the market shifts we are seeing will help you better understand your market. Looking at where people are moving to and where they are moving from will help you figure out whether migration will stabilize and/or make your market more competitive, or cause downward pressure on prices due to less demand for those areas with large amounts of people moving out. We have seen a massive increase in housing starts fueled by lower interest rates, remote workforces, the increased focus on the value of home, as well as stimulus and a number of other components. Even with this the U.S. will always be in one of the four phases reviewed—it’s just a matter of knowing what phase and part of the phase your area is currently in.

A downturn in the housing market is a fear that many have, especially with the double-digit increases we have seen over the last year. Looking at the economy at-large narrowed to your specific neighborhood, it’s important to watch key indicators related to your sub-market. Going through the process of looking at the fundamentals related to housing to see if your specific area is or will be affected by some of the market shifts we are seeing will help you better understand your market. Looking at where people are moving to and where they are moving from will help you figure out whether migration will stabilize and/or make your market more competitive, or cause downward pressure on prices due to less demand for those areas with large amounts of people moving out. We have seen a massive increase in housing starts fueled by lower interest rates, remote workforces, the increased focus on the value of home, as well as stimulus and a number of other components. Even with this the U.S. will always be in one of the four phases reviewed—it’s just a matter of knowing what phase and part of the phase your area is currently in.

Oftentimes it can be difficult to answer the age old question of whether to buy or rent. There are a series of questions that you should be asking yourself when trying to determine whether it makes sense to buy in the season of life you’re in. Considering your current needs but also your anticipated future needs will ensure you are buying a place that will fit well for the foreseeable future. Before buying that home though, prepare for the purchase based on the goals and priorities you’ve outlined by asking these questions questions.

Whether it’s homeowners or renters insurance, having it is essential. Reversing these once a year in addition to your belongings, will ensure that you have enough coverage and that the coverage that you have it for is documented. Oftentimes minimal coverage for homeowners or renters is required by the mortgage provider or landlord, but making sure to review these policies will give you peace of mind.

Although it’s easy to discuss the perks related to owning your own home, what about the drawbacks? Most don’t readily talk about the hidden costs about home ownership. Looking at 7 components that are not necessarily considered when looking to buy a home—reviewing these will help you factor in costs that may be easy to overlook. A home can be a great purchase, but it can also be a much more expensive one than you may have anticipated. Follow these steps to ensure you have your bases covered!