Does Moving Up Make Sense? The answers to these questions will help you decide:
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. Is the neighborhood still a good one for 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 yourself?
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.
View another Seller Tip:
Hiring a Realtor
8 Important Reasons Buyers & Sellers Use a Realtor
Questions to Ask When Choosing a Real Estate Agent
Preparing Your Home for Sale
10 Ways to Make Your House More Salable
20 Low-Cost Ways to Spruce Up Your Home
7 Steps to Preparing for an Open House
10 Ways to Make Your Home Irresistible at an Open House
Remodeling
12 Tips for Hiring a Remodeling Contractor
Remodeling That Pays
Contracts and Finances
7 Terms to Watch for in a Purchase Contract
Understanding Agency
Understanding Capital Gains in Real Estate
What is Appraised Value?
What You'll Net at Closing
Moving
Moving Tips for Sellers
Tips for Holding a Yard Sale
Miscellaneous
Does Moving Up Make Sense?
5 Things to Do Before You Sell
5 Ways to Speed Up Your Sale
Even More Seller Tips |
