The cause for a move is normally something financial or emotional. You may not always expect the move to be coming and then BAM, you’re faced with a decision. Here are some signs that it’s time to move on to the next house.
- It’s a seller’s market and you want to make money! You may see the price per square foot going up or the amount of time a house sits on the market going down. If this is happening and you want to get into the market, keep in mind that the house you are purchasing next will also be in a seller’s market, benefiting that seller.
- Prices are what?! If you are seeing the home prices in your neighborhood continually increase and you think “hmmm, I would accept that price for my house,” then it may be time to move on.
- You feel financially burdened. If you feel like you bit off more than you can chew and don’t want to risk a foreclosure by missing too many mortgage payments, it may be time to evaluate something else more in your budget.
- Your family has grown! What was one your starter home is now filled with a spouse, 2 kids, 3 dogs, and an iguana. You can’t even go to the bathroom without being bothered. It may be a great time to take the plunge into a bigger house, especially if numbers 1 and 2 from above apply.
- You’re tired of the maintenance. It takes money to keep up with a house and some owners would rather buy a lower maintenance property like a condo or townhouse.
- In the beginning, your mortgage payments are almost all interest payments. In order to sell, you will have to pay closing costs, real estate commissions, and have money for the next house. You need to stay put as long as possible, or at least 5 years, so that you have enough equity built up to make a transition and still make some money. If you’ve been in your house awhile, it may be time to make the move.
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