Is your home starting to feel cramped? Trade up to a bigger and better residence that can accommodate your changing needs.
Here are some signs that you’ve outgrown your current home:
1. You have a growing family
Homeowners often trade up because they’ve gotten married, they have kids on the way, and they’ve adopted pets. All of these changes mean you’ll need more space. A home with more square footage and additional bedrooms will give you and your family members enough breathing room and privacy, and result in a more harmonious family life.
2. Your lifestyle is changing
There might have been a time when a smaller home was perfect for you. You might have been newly married or lived alone, didn’t have a lot of stuff, and preferred to meet friends in a restaurant or bar. However, once you decide to have kids, indulge in a hobby that requires a large yard or more storage space, or take in an elderly parent, you’ll need to trade up to a more ideal home.
Location is another factor. Trading up isn’t just about moving to a larger home, it’s also about moving to a better neighborhood. Work relocation, education, and wanting to live closer to friends and family are common reasons homeowners move.
3. You’re making more money
If you’ve gotten a promotion or a substantial raise, then you’re in the position to buy a nicer home. An upgrade in your income means that you’ll be able to handle larger mortgage payments and still live comfortably.
However, the costs of trading up don’t end with your mortgage payments. Factor in the cost of maintaining more rooms, more floors, more outdoor space. Estimate the increase in utility bills and the cost of new furniture and fixtures you’ll need to fill up your new space.
4. You’re in great financial shape
As with your previous home purchase, you’ll need to apply for a mortgage. The lender will scrutinize your income, assets, debt, debt-to-income ratio, and credit score. If you maintained your good credit score since your last purchase, and if you’re in good financial standing overall, then nothing should hold you back from trading up to a bigger residence.
5. You’re ready to sell your old home
If you loved your current home well enough to keep it in tip-top shape and are ready to let it go, then you’re poised for a new purchase. Use the money on the sale of the old house to cover down payments and the like on a new home.
If you can’t sell your home, you can still trade up provided that you have enough cash to purchase a new one without needing the cash from the sale, or that you can afford to pay off two mortgages at the same time.
6. You’ve found the right home
It’s time to trade up when you come across a home that suits you better. It’s not so much about announcing your new status as it is about purchasing one that feels right for you and your family without breaking the bank. For instance, if a 7-bedroom Colonial-style home feels like the perfect match and you can afford it, then a new home purchase is in order.
Are you ready to buy a larger home? Let the Pagnotta Homes Team assist you. Call them at 908.436.7947 or send an email to Cindy@PagnottaHomes.com .
