Are you thinking of moving in the Parkville area soon? Are you thinking about whether or not you’re ready for a larger home, or a home that’s in a more desirable location?
If you answered “yes”... then it’s a good sign that you might be ready to find your new home! If you’re thinking about “moving up,” then you’ll want to consider these 6 important questions:
1. Have you built substantial equity in your current home?
Take a look at your annual mortgage statement, or give your lender a call to see what it is. Usually, you won’t build up too much equity in the first few years of having a mortgage since those early monthly payments are mostly interest.
However, if you’ve owned your home for 5+ years, then you might have some significant gains!
2. Has your income or financial situation improved?
If you’re earning more money now, then you might be able to afford a larger, nicer home!
3. Have you outgrown your neighborhood?
The neighborhood you bought your first home in might not be the same neighborhood that you want to settle down in for a long time. Or you may have realized that you have developed different priorities about where you live. Do you want to live closer to work? Closer to a certain school? Knowing these things will help you decide if it’s time for a new location!
4. Are there reasons why you can't remodel or add on?
Sometimes, you can renovate your home by adding a new room or building up to create new space. But if it just won’t work out (for any number of reasons), then moving to a bigger home might be your best option.
5. Are you comfortable moving in the current housing market?
If your neighborhood’s market is hot, then your home could sell quickly and for a great price. If your market is a bit slower, finding a buyer could take longer. But that will also give you more selection and better pricing as you look for your dream home. Either way, it’s important to do your research so you know what to expect and if you’re prepared to deal with it.
6. Are interest rates attractive?
Low interest rates can certainly make buying a home more attractive! A low rate will help you buy a larger home, and will also make it easier to find a buyer if you’re selling.