According to a study done by the U.S. Census Bureau, the average American moves more than 11 times in their life. It happens… as we move through different stages of our lives, our housing needs change. If you’ve been wondering if it might be time to make a move soon, here are some things to consider.
Are you outgrowing your current home?
If you find yourself struggling to find space for all of your belongings, or you’re forcing rooms in your home to do “double duty” (office corner in your bedroom anyone?) then you might be outgrowing your space. New home owners just starting out might not have a lot of furniture, or might not think they need a lot of space. As you acquire more, or find that your life has changed and you now have a need for a home office or extra guest room, your needs change. That can be a sign that you might want to consider moving on to a larger home.
Sometimes you might be fine in your current home, but anticipate a life change, like marriage or children, that force you to think ahead. It’s not wrong to wait until your growing family is tripping over each other to move on to a larger home, or one that offers a better layout for what lies ahead.
Are your home projects completed?
If you purchased your current home with the goal of doing any significant renovations or updates, have you completed those? In order to maximize the price you can get for your home when it’s time to sell, strategically plan your updates around your home’s needs and what will give you the best return for your investment. If you have a lot of work to do, it might be better to complete it, or wait to sell until you can.
Can you afford a new home?
This seems like an obvious question, but consider the costs associated with moving to a new home. There are the expected costs associated with moving… a new (and likely larger) mortgage, closing costs, moving expenses, possibly higher property taxes, etc. There are also increased costs associated with the maintenance and upkeep of a larger home that you may not have considered. A larger home will have probably have higher utility costs and other “unexpected” expenses that you should consider.
Additionally, things may have changed in the housing market since you bought your last home. Home prices are going up, interest rates can fluctuate, and lender approval criteria can change too. Also consider your personal finances – have you taken on more debt or had a blemish on your credit report that could force you to pay higher interest rates, or possibly hurt your chances to qualify for a mortgage all together?
Can you reasonably expect to sell your current home?
Depending on your area’s market, can you expect that your home will sell? Is it in an area or a price range that is highly desirable, or does your home appeal to a more specific, narrower audience? Unless you own your home outright, you will likely need to sell your current home to obtain a loan for a new home. Your ability to purchase a new home could be contingent on the sale of your current one, and you’ll want to understand your chances of selling in a timely manner before getting ahead of yourself.
At Restaino & Associates ERA Powered, we pride ourselves on our agents and their knowledge of our current market. A trusted agent is your best bet when it comes to understanding the particulars of selling your current home. If you think it might be time for you to make a move, give us a call today!