Does It Make Sense to Move Up?
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 a 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.