Does
Moving
Up Make Sense
Answer
these questions to help you decide whether moving up makes
sense.
1. How much equity do you
have in your 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 paying a mortgage, but if
you’ve owned your home for a number of years, you may have
significant unrealized gains.
2. Has your income increased enough to
cover the extra mortgage costs and the costs of moving?
3. Does your neighborhood
still meet your needs? For example, if you’ve had children,
the quality of the schools may be more of a concern now than
when you first purchased.
4. Can you add on or remodel? If you
have a large yard, there might be room to expand your home. If
not, your options may be limited. Also, do you want to undertake
the headaches of remodeling?
5. How is the home market? If it’s
good, you may get top dollar for your home.
6. How are interest rates? A low rate
not only helps you buy more home, but also makes it easier to
find a buyer.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
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