Should You Move Up?

Plenty of people are ready to move up in the world which typically means moving into a better home, but is it right for you? There are a few things to think about before you move up, such as equity, finances, remodeling and of course interest rates.

Let’s start with the most obvious, remodeling. Is there any way you can remodel or add-on to on your house? An add-on will give you more space, and a remodel can make you feel like you’re in a new home. However, if the property is too small, your municipality doesn’t allow it, or simply you’re not interested, then perhaps moving up is the better option.

Once you’ve decided to not remodel and move up, you should then look at your home equity. If you have only owned the house for a little bit, you won’t have much, most of your payments were interest, but if you’ve owned the home for at least five years you could have plenty of gains you weren’t even aware of.  This can help you make better options when looking at new homes. If you’re unsure about your equity look at your annual mortgage statement, you can even call National One Mortgage to find out.

Next you should look at the market and interest rates. If your market is hot your home may sell quickly and for a good amount of cash, but the home you buy will also be expensive. If your market is colder, or slower finding a buyer will probably take longer, but you’ll have better pricing on homes you want. Also, consider interest rates, as they are decided by the market. A low rate will help you buy a larger home and makes it easier to find a buyer. Make sure interest rates are where you want them as well.

So, let’s say your equity is good, the market is where you want it and you think you’re ready to go. What kind of house are you going to move up to? Are you going to move up to a house you’re settling for, or to the house you really want? Check out another article I’ve written, and find out “Why You Should Just Buy the Nicer Home”.

As always, if you have any questions be sure to call National Realty Group at 1-800-406-9606 or stop by. We will do our very best to answer any questions you have, and set you up with a reliable agent. We’ll do our best to make sure they house you buy, is the one you really want.