You can sell your home at any time. If you sell your home after owning it for only a year, chances are that you will most likely take a loss. In order to make a profit on your home, it is best to wait. Buying a home is a long term investment. Usually it takes about 5 years to get a decent return on your investment.
What you also need to remember is that when selling a home, there are costs involved. There are mortgage payoffs, real estate agent commisions, transfer taxes, notary fees, miscellaneous fees, etc. Whatever funds you receive from the sale of your home, the lender gets paid first and then the rest is distributed among the other fees. Anything that is left then goes in your pocket. If there is not enough from the sale of the home to cover these fees, then it will come out of your pocket. Chances are that since you own your home less than a year, you have not paid much of your mortgage principle, which means you owe close to what you borrowed.
Would adding an addition to your current home be a possibility for now? Building an addition would increase the value of your home. It would then increase your living space and you may be able to wait a few years before purchasing a larger home.
Brigita McKelvie, REALTOR, e-PRO, GRI
Keller Williams Real Estate, Bethlehem, PA
Office: 610-867-8888 Direct: 610-393-9424