Have you considered upgrading to a bigger home, or maybe just a better location for your lifestyle. These 6 questions will help you decide if moving up makes sense for you. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. 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. With our current market conditions it’s likely your home is worth more than you think.
2. 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.
3. 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.
4. 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.
5. Are you comfortable moving in the current housing market? The Colorado market is pretty hot. That being said, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. The first step I am taking with many of our seller clients is looking into WHERE you would go to determine if what you are looking for is achievable before you pull the trigger and put your home on the market.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
CURIOUS HOW MUCH YOUR HOUSE IS WORTH?
Complete the form below and I will perform a custom valuation for your home.