These questions will help you decide whether you're ready for a home that's larger or in a more desirable location. If you answer yes to most of the questions, it's a sign that you may be ready to move.
Have you built substantial equity in your current 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 your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
Has your income or financial situation improved?If you're making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
Have you outgrown your neighborhood?The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you'd like to be closer to your job or live in a better school district.
Are there reasons why you can't remodel or add on?Sometimes you can create a bigger home by adding a new room or building up. But if your property isn't large enough, your municipality doesn't allow it, or you're simply not interested in remodeling, then moving to a bigger home may be your best option.
Are you comfortable moving in the current housing market?If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you'll have more selection and better pricing as you seek your new home.
Are interest rates attractive?A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Author:Brad Smith Phone: 651-755-5232 Dated: November 30th 2015 Views: 284 About Brad: Brad Smith has enjoyed a thriving 10-year career as a Realtor using his past business experiences. A...
View our latest blog posts in your RSS reader. Click here to access.
Twin Cities Specialists is part of the Re/Max Advantage Plus team, where together we are stronger in achieving our clients’ goals. What sets us apart is our use of technology, our personal and professional service, and our desire to be the best at what we do as your community expert. In fact, we will help you find a community expert in your area, if we don't have one for you, just ask. TEAM LEADER & Sales Manager for TC Specialists is LISA HANDLEY - 612-390-6520. Lisa is a native of McIntosh, Minnesota, moved "south" with her family, to where it is "warmer" and, as an empty-nester, pursued her long-time goal of becoming a top real estate agent. Lisa is a person who cares about people and will do what it takes to see others achieve their goals. Ultimately, this is what prompted her to start her own team. The Twin Cities Specialists consists of service-oriented agents and other industry professionals that will do and be the best for our clients through the entire buying and selling process. TC Specialists will be there for our clients from the very early stages of planning, pre-approvals, showings, staging, photography, negotiations, and all the way through the closings. Our mission is to treat our clients the way we would want our own families to be treated, with kindness, respect and service that goes above and beyond.