There can be many reasons you might be thinking of moving soon. You could be considering relocating for work or have new neighbors that are a bit louder than you like, or you recognize it’s just time to downsize.
Here’s a look at four reasons why now might be the best time to move and buy another home.
Home values are on the rise
Let’s start with one of the most obvious reasons to sell: You’re eager to make a profit on your property.
Your home’s property value is based on the market, and depending on local conditions, it’s not uncommon for values to experience slight fluctuations from one year to the next.
If you’ve lived in your house for many years — and you owe far less than your original mortgage balance — an increase in home value over the last few years might provide enough equity to move into a bigger, nicer home.
When proceeds from the sale of your current home provide a hefty down payment, you can get into a new property while keeping your monthly payment within an affordable range.
You’ve grown—but your home hasn’t
Are things getting a bit tight in your household? One of the most obvious tell-tale signs that it’s time to move is when you no longer have room for anything. Maybe you had a baby. Maybe an aging parent is moving in with you. Maybe you need an extra guest room. Or maybe you just can’t turn around without tripping over all your stuff. Whatever the reason – when space is tight, you know it’s time to move to a bigger place.
Like some homeowners in this situation, you may consider projects such as finishing a basement or adding a room to create more space. Once you count the cost of these projects, however, it might be more financially feasible to sell your current house and put the profit toward a house with suitable space.
Job opportunity in a new city
Moving for a job is one of the most common (and most exciting) reasons for relocating to a new city. Maybe you’re hoping to accelerate your career. Or maybe you’re moving to the city that fits your specific industry; whatever the reason, moving for work remains a regular occurrence in America. In fact, according to the U.S. Census Bureau, moving for a new job or a job transfer is the top job-related reason for moving.
Your financial situation improves or worsens
Financial changes at home can have a big impact on where you live. Good or bad, whether you inherit money, receive a raise or land a higher-paying job – this could mean possessing the financial resources to move to a new, nicer house. For the unlucky ones – those who lose a job or lose money somehow – this could mean having to downsize your home and lifestyle.
Whether you need to upgrade or downgrade, we have a generous selection of home loan programs to make your next move easier. Contact one of our experienced home loan experts today.
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