You’ve bought your first home, and you’ve lived in it happily for a few years. Now, though, you’re thinking about moving to a different home either in the same neighborhood or a different town altogether. The question is this – how do you know if you’re actually ready to upgrade to a bigger, better home?
When you purchased your first home, you were probably in love with it. It suited your old life to a tee. But now that life has happened – whether it’s a bigger family, a bigger paycheck, or maybe even a little bit of both – you might start to feel a little bit cramped in your abode.
To answer the question simply, you know it’s time to move on to bigger and better when your quality of life begins to suffer. Upgrading doesn’t necessarily mean getting a huge, brand-new house with all the works. It can mean moving into a larger, nicer home in the same town or even moving into a similar space in a town or city that you really enjoy. Upgrading doesn’t just mean a better space to live – it also means that you’re upgrading to a better, happier you!
Before you begin house hunting, though, there are a few vital questions you need to ask yourself. Consider these 4 questions when you start to think about trading up!
“Can I Really Afford It?”
Upgrading to a better home, whatever that means, typically means that more money will be needed. You’re probably feeling pretty comfortable with your current mortgage payments, but will you really be able to handle a larger one? Consider also the increased care and maintenance a larger, better home will need and think about how it will affect your budget. You want to make sure that you will be comfortable and not hurting for money if you go bigger and better.
“Are My Finances In Good Shape?”
Now take a good look at your finances. Lenders will be reviewing your income, debts, assets, and liabilities closely when you want to buy a different home. You’ll need a healthy credit score in order to get the most competitive interest rates, too. If you’re not sure what your credit score is, you can request a free one from Equifax, Experian, or TransUnion.
“Can I Successfully Sell My Home?”
If you’re like most people, you will probably need to sell your current home before you buy, unless you’re prepared and willing to carry 2 mortgages. You’ll want to make sure that your current home is staged properly and looking sharp to attract would-be buyers. Take the time to look around your home, identify anything that may need some fixing, and create a haven that potential homebuyers won’t be able to resist!
“How Will This Affect My Utilities and Taxes?”
When you buy a larger or better home, it can easily inflate your taxes and utility bills. You may need to buy better equipment to help you maintain your home and land, and you could be spending more money on taxes. Remember, you’re not just buying a home – you’re also buying a mortgage!
If you’re looking to upgrade and move on to the bigger and better in the Edwardsville area, the professionals at The Massey Team at Berkshire Hathaway HomeServices Elite Properties can help! We’ll help you find the perfect home for you and also help you sell your current home. Just give us a call at (618) 791-5024 or (618) 791-9298 today! You can also get a head-start on your search by checking out all of our great listings at www.dianamasseyhomes.com. There’s bound to be something perfect for you here in beautiful Edwardsville!