Moving Up - Does It Make Sense For You?
With your new job or big promotion, you’ve decided to start thinking about moving up to a larger or more expensive home in another neighborhood. Congratulations, you’ve earned it!
If you’re concerned whether or not you’re making the right choice at the right time, we’d like to help alleviate those concerns. We’ve provided questions to answer that will help you make the right decision.
- How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned your home for a number of years, you may have significant unrealized gains.
- Has your income increased enough to cover the extra mortgage costs and the costs of moving?
- Does your neighborhood still meet your needs? For example, if you’ve had children, the quality of the schools may be more of a concern now than when you first purchased your home.
- Can you add on or remodel? If you have a large yard, there might be room to expand your home. If not, your options may be limited. Also, do you want to undertake the headaches of remodeling?
- How is the home market? If it’s good, you may get top dollar for your home.
- How are interest rates? A low rate not only helps you buy more home, but also makes it easier to find a buyer.
If you need help answering any of these questions, we’d be happy to help you find the answers. Just contact us or give us a call . We want to give you the most information to make the best decisions for you and your family.