Four Signs That’s It’s Time to Move
According to the National Association of Realtors, the average homeowner stays in their home for about 10 years.
Of course, this doesn’t mean you have to pack up once you’ve hit this milestone. But with each passing year in your home, there could be a few telltale signs indicating the time for a move.
Here’s a look at four reasons why now might be the best time to buy another home.
1. Home values are on the rise
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.
If you’re able to put down at least 20% on your new property, you’ll also avoid mortgage insurance, which can also result in a lower monthly payment.
2. You’ve outgrown the space
If you’ve grown attached to your home, the idea of moving to another place might not sit well with your family. But if you’ve outgrown the space and you’re bursting at the seams, you may desperately need a house with more square footage.
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.
3. You’re tired of home maintenance
Living in a single-family home has its benefits. You don’t have to worry about hearing your neighbors or sharing a wall, and many single-family homes come with sizable yard space.
However, a change in lifestyle may limit the amount of time you’re able to devote to caring for a home or a larger property. If you are ready for a little less maintenance, it might be time to look into buying a condo or town home. Or perhaps a newly-built single-family home with a smaller yard and less maintenance.
A newly-built home may not require as many repairs or improvements within the first few years, saving you money. And a smaller yard means you’ll spend less time on outdoor maintenance, saving you time.
4. You need to reduce living expenses
A change in your personal finances can also leave you with more house than money. This can happen after a divorce, job loss, or injury.
Even if you’ve managed to make every mortgage payment, you might hit a point where you’re tired of struggling and living without a financial cushion. Selling your home and purchasing a property within your budget can free up cash for other purposes — building an emergency fund, saving for retirement, or paying off debt.
Whether you need to upgrade or downgrade, Cherry Creek Mortgage has a generous selection of home loan programs to make your next move easier. Contact one of our experienced home loan experts today.
Our products include conventional, FHA, VA, first-time homebuyer loans, reverse mortgages, and more. We can also help with mortgage refinancing. Give us a call today.