Wednesday, May 8, 2013
How do you know when it is time to up-size? Well, an obvious sign is that you have run out of space, but here are some tell-tale signs that it is time to make the move:
The number one reason people decide to buy a larger home is an increase in family size. Many people buy their first home before they have children and only realize they need more space once more kids come into the picture. Children aren’t the only way families grow, either. From a new pet to a live-in parent, families expand in all sorts of ways which means a need for more bedrooms, bathrooms, and even parking spaces.
Your Needs have Changed
Large homes are not always appropriate at every stage of life. A single male 20-something may need less space with a more centralized location, but his needs may change when he’s 35, married, and has two kids. You may have started an at-home business and you need an extra bedroom to use as an office. Maybe your kids are of an age where you’d like a finished basement for them to spread out. Whatever the case, shifting priorities are a fact of life and they’re often the motivating factor for a move up buyer.
If you purchased your current home before the real estate downturn five years ago you have likely been waiting to sell until the timing is right. Mortgage rates are hitting record lows and the “seller’s market” is back. The best time to buy a bigger home is when you can sell your current home for close to if not more than you bought it for. We are experiencing exactly these conditions making 2013 one of the best times to buy a bigger home in years.
You can afford it
If most people have learned anything from the real estate crisis a few years back, it is never to buy a home that they can’t afford. Before you know if you’re ready for a bigger home, take a look at mortgage rates and talk to your family or a financial adviser if you have one. Real estate has always been solid long-term financial investment and buying a bigger home when needed can be a smart move. If you determine you can comfortably afford the mortgage, utility expenses, and furnish a larger house, you may be ready to upgrade.
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