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, you may be ready to move.
Have you built substantial equity in your current home? Check your annual mortgage statement or call your lender to find out how much you’ve paid down. 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 changed? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.
Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same one in which you want to settle down for good. 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 will also 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. Ask your real estate professional what they see happening locally.
Are interest rates attractive? Low rates help you buy “more” home, and also make it easier to find a buyer for your current place.
Is the effort and cost of maintaining your current home becoming difficult to manage? A REALTOR ® can help you decide whether a smaller house, condo, or rental would be appropriate.
Article by Realtor Mag Feb 2018
Author:Vicki Black Phone: 719-207-0781 Dated: February 7th 2018 Views: 89 About Vicki: I have been in the "people" professions all of my adult life. Social work, Massage therapy, Acupunc...
View our latest blog posts in your RSS reader. Click here to access.
Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
August 1? Where has the year gone! But it's not to late to
"The best part about working with Jim is his knowledge of the industry and specifically his understanding of the greater Denver area. He encouraged us to look in areas we wouldn't have considered and we found the perfect house in the perfect neighborhood. He also gave us great advice in dealing with a difficult buyer and made a stressful process go much more smoothly than I expected. I would recommend Jim to any and all of my friends and family."