Does Moving Up Make Sense? 

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.

1. 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 many years, you may have gained more than you think.  Or it could be less! I can help you to find out what your Current Market Value is with a Free CMA!

2. 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.  But first I suggest looking long and hard at your budget before making any major financial decisions.

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. 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. I know it seems like I am shooting myself in the foot, but sometimes adding on to your home makes more sense than selling your home and buying another.

5. 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. But with the help of a REALTOR like me, I can help you to understnad the current local market conditions!

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. Rates are low today but this is not the only question to answer regarding whether or not to buy a bigger home in Upstate SC.

If you would like to learn more about possibly buying or selling a home in Upstate SC please contact me!