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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.
- 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.
- 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.
- 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.
- 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 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.
- Are interest rates attractive? A low rate not only helps you buy a
larger home, but also makes it easier to find a buyer.
< About Selling Real Estate
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