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New England Properties

Does Moving Up to a Larger Home Make Sense?

Does Moving Up to a Larger Home Make Sense?

 

Are you thinking about selling your current home and buying a larger one? If so, then these 6 questions will help you decide whether you’re ready for a home that’s larger than your current one or a home that is located in a more desirable area.

If you answer yes to most of the following questions, then you may be ready to make a move:

  1. Have you built up substantial equity in your current home? Take a 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 because your monthly payments consist mostly interest on the principal amount borrowed. Not much is paid back towards the principal balance. But if you owned your home for five or more years, you might have significant, unrealized gains – especially if the real estate market has improved in your area.

  2. Are there reasons why you can’t remodel or add on to your current home? 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.

  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. Has your income or financial situation improved? If you’re making more money, you may be able to afford a higher mortgage payment and cover the costs of moving.

  5. Are interest rates attractive? A low mortgage interest rate not only helps you buy a larger home, but it also makes it easier to find a buyer for your current home.

  6. Are you comfortable moving in the current housing market? If your real estate market is hot, your home may sell quickly and for top dollar. But the home you buy may also be more expensive. If your real estate market is slow, then finding a buyer may take longer, but you’ll have more selection and better pricing as you look for your new home.

 

When you're ready to make a move in Southeastern Massachusetts, contact me. I'm here to help you make the right move!

 

Coldwell Banker Residential Brokerage
159 Belmont St, S. Easton, MA 02375
Phone Direct: (508) 840-8170

Lew Corcoran Licensed Real Estate Professional

Are you looking to buy or sell a home in Southeastern Massachusetts?

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0 commentsLew Corcoran • November 12 2014 11:19PM
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