Does Moving up make sense?
Answer these questions to help you decide whether moving up makes sense.
- How much equity do you have in your home? Call a realtor to figure out home much you will walk away from the closing with. Get a CMA done to figure your selling price.
- Remember it is a buyers market it is going to take a longer period to sell your house.
- Did you recieve a large amount of money to put down on the house? Has your or your spouses income increased to cover increased mortgage payment and taxes?
- Are you looking for a better school system, a better commute to work, need more room for an addition to the family? Are you looking for a different layout or just a more modern or updated home?
- You are going to get less for your house but if you are getting a bigger house you will actually gain on the buy and sell.
- Should you stay in the home you have? Can you add on or remodel? What is the cost to do that remodel? Would you need a variance from the city to remodel or do you have the room to add on? Would your addition to the home overprice you for the neighborhood? Can you handle the mess of remodeling, the decisions you have to make, and the stress that comes with remodeling?
- How is the home market? If it's a buyers market you may lose on the sale of your house but make it up on the purchase of the new house.
- How are interest rates? Are interest rates lower or the same than the one you have now? If so you may be able to get more house just because of a lower interest rates.
- Can you truly afford the new taxes and mortgage payment on your new Oakland County Home, Wayne county home, or Livingston county home.
I want you to live in your new Michigan home for many years to come and not lose it in foreclosure or become "house poor". So think over carefully what mortgage payment you can afford, most lenders will be able to lend you more than your can afford.
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My Month of December quote:
~ Mark Twain”
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Russ: You have laid out the decision making process for move up buyers in this market. Although the answers to some of these questions won't get you a listing or a sale right now, you gain something much more important. A future client that will be glad to refer you business because they know that you have your client's best interest at heart.
Russ, very good points for those who may consider moving up.