Does Moving Up Make Sense?

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.



Published:

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.

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? 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.

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.

SOURCE: Realtor Magazine Online

Edit Module
Edit Module Edit ModuleShow Tags

Archive »Related Content

Real Estate All Stars 2018

5 Key Steps to Protecting Your Smart Home

Smart homes open the doors to new technological potential, but they can also open the virtual door to intruders and hackers.

5 Tips for First-Time Homebuyers

Buying a home can be thrilling and nerve-wracking at the same time, especially for first-time homebuyers. It’s difficult to know exactly what to expect.

4 Quick DIY Projects for a Healthier Home

In order to keep your body happy and thriving, try these four quick and easy DIY projects to improve your home’s health.

Real Estate All Stars 2017

Edit Module
Edit ModuleShow Tags

Most Popular

  1. The Makings of the Shinola Hotel
    When the Detroit brand’s first foray into hospitality opens its doors, it’ll offer customers...
  2. My Two Christmases
    An Armenian-Iranian, Detroit-based writer reflects on transposing the holiday across continents
  3. An Hour with ... Carmen Harlan
    Broadcast journalist and founder of the Carmen Harlan Collection
  4. New Year’s Eve, Brooklyn Style
    Tips for celebrating 2019 from the pros at Brooklyn Outdoor
  5. Hour Detroit and Detroit Home’s Downtown Living Tour 2018
    Hour Detroit and Detroit Home’s third annual Downtown Living Tour took place September 7th-9th....
  6. God-Given Talent
    A local choir sings its way to live television
  7. Cocktail Recipe: Toddy Incarnata
  8. Main Review: SheWolf
    Born in Detroit but inspired by Rome, SheWolf takes diners on a culinary journey
  9. Comeback Catering
    Dish, in Detroit, pushes through hard times with consistently delicious food
  10. Meet the Makers: Tait Design Co.
    How an after-work hobby ascended to a booming business