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These questions will help you decide whether you’re ready for a home that’s larger, smaller or in a more desirable location.
If you answer yes to most of the questions, you may be ready to move.
Have you built substantial equity in your current home?
Check your annual mortgage statement or call your lender to find out how much you’ve paid down. Usually you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest. On the other hand, if you’ve owned your home for five or more years, you may have significant, unrealized gains.
Has your income or financial situation changed?
If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving. If your income has decreased, you may want to consider downsizing.
Are interest rates attractive?
Low rates help you buy “more” home, and make it easier to find a buyer for your current home.
Have you outgrown your neighborhood?
Your life situation will change over time. You may have wish to be closer to your job or live in a better school district or are ready to retire and find your forever home.
Are there reasons why you can’t remodel or add on?
Sometimes you can create a bigger home by adding a new room or building up. However, if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
Are you comfortable moving in the current housing market?
If your market is hot, your home may sell quickly and for top dollar, but the home you buy will also be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. JUST ASK US about market conditions!
There are advantages being proactive by arranging for a pre-sale home inspection.
An inspector will be able to give you a good indication of the trouble areas that will stand out to potential buyers, and you’ll be able to make repairs before open houses begin and smooths the way once you have a sales contract.
A home inspection is a limited, non-invasive examination of the condition of a home. Home inspections are usually conducted by a home inspector who has the training and certifications to perform such inspections. The inspector prepares and delivers to the client a written report of findings. The client then uses the knowledge gained to make informed decisions about their pending real estate sale/purchase. The home inspector describes the condition of the home at the time of inspection but does not guarantee future condition, efficiency, or life expectancy of systems or components.
On Borrowed Time with Your Home's Major Appliances & Systems
You know the condition and life expectancy of many of your systems. If some of them getting old and showing their age, purchasing a home warranty before you sell will ease your mind, potentially your budget and is a very real incentive to prospective purchasers.
Many appliances and systems start to break down after 10 or more years. A Home Warranty will protect your from potentially major expenses.
Get replacement estimates. Do you have big-ticket items that are worn our or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.