The idea of moving up to a larger home can be an exciting prospect, but here are a few questions to ask yourself to make sure it is the right decision for you.
- First, and most importantly, do you have sufficient income to afford the additional costs such as higher mortgage, maintenance, property taxes, insurance and moving costs?
- How much equity have you built up in your current home?
- Have you outgrown your neighborhood, want to be in a different school district or want to be closer to your job?
- Are you better off moving rather than remodeling your home?
- Do you need more room or just want a change of scenery?
- How do current interest rates compare to what you’ve been paying on your existing mortgage?
- What do current market conditions look like, and what positive or negative impact will they have on the sale of your home and the purchase price of a new one?
If you are considering moving up, talk to your REALTOR® to help you answer these questions and guide you through the process.
