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When It’s Right to Buy a Bigger, Better Phoenix AZ Home
It is not uncommon for homeowners to outgrow a home, but knowing when it makes sense to trade up to a bigger Phoenix AZ home is important when making such a move. Of course the biggest questions involve finances.
Does your current home have enough equity built up in it to make sense? If you can sell your current home for a nice profit and have extra money to put down on your new home it will make your entire transition and easier one.
Can you afford the mortgage on your new home? If you can take the equity from your current Phoenix area home and put down a nice down-payment, your new mortgage could be similar to your current home's mortgage which would make the entire transition more affordable. If your new mortgage is going to be a larger one make sure that your income has increased enough to make a smooth financial transition.
Analyze your current market. If your current home will sell quickly and for asking price or greater, will the new home you choose be more expensive as well? Look at the Phoenix location you want to move to and know the going sales rate.
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