No matter what generation you ask, owning a home is still a large part of the American dream. If you’re already a home owner, you’ve got a head start. Remember how great it felt, getting handed the keys to your very own front door?
That first-time buyer elation can subside over the course a few years, however. Families grow as do priorities and goals. What worked for you at first might not be what works for you now. According to Trulia.com survey conducted in 2015, over 40% of Americans feel like they need a larger home.
However, just like purchasing your first home, deciding to upgrade can be a difficult and confusing decision. Are you really ready to move into a larger space? Here are some things to consider:
Can you afford it?
Usually, the larger the home, the larger the price ticket. Everything can go up, from monthly mortgage costs to annual taxes. You’ll have more space to upkeep and maintain. Make a budget based on the cost of the size home you’re looking at purchasing. Does that feel like a comfortable budget? If so, it may be time to speak with a lender.
How are your finances?
Since you purchased your last home, your credit score may have changed. Whether it went up or down can positively or negatively impact your chances of financing a new home. If you’re considering an upgrade, it’s a good time to speak with a lender about what your financial situation is.
Will your current home sell?
Depending on your finances, you may need to sell your current home before purchasing a new one. This is a very common situation. Speak with a REALTOR® who can assess the current market value of your home so you know exactly where you stand.
How will this affect your daily life?
We already talked about how a larger house requires more upkeep and more money. However, if you’re looking to upgrade to a specific size home, that may involve changing neighborhoods, buying more (or new) furniture, etc. Take into consideration the distance from your new home to your work place, or daycare. Is there another neighborhood you’d like to live in or are you stuck on the area where you currently reside? It’s best to have answers to these questions before entering into a contract that may be hard to get out of if you get buyer’s remorse.
If you’ve looked at the list above and are still ready to explore your options, that’s wonderful! The next step is to give us a call. We’ll take a look at your finances and your unique situation so we can better assess what actions to take to help you realize your real estate goals.
