Is your family outgrowing your current home, or is it simply time to upgrade? Consider these factors when taking on a big financial and lifestyle change from our Real Deal in Real Estate Pros.
- Speak to a lender. A mortgage lender will tell you where you stand financially. A larger home will likely come with larger mortgage payments. Lenders will review your finances, and advise your accordingly.
- Get your starter home ready to sell. You'll most likely need the money from the sale of your current house to purchase your new one. Follow these tips to selling at a profit, and you'll be in a good position to take the next steps.
- Consider the cons. You might be dreaming of extra space, but remember more square footage comes with cleaning and utility costs. It may be worth it ultimately to have additional room for your family, but factor higher heating bills into your budget.
- Scope out the neighborhood. Chances are you'll be moving to a new area if you want a larger size home. Create a checklist of all things important to your family (proximity to schools, work, and other family members), and see how each home you're looking at compares.
This article is sponsored by The Real Deal in Real Estate Pros. Contact them for all your buying & selling needs.
Additional info provided by HGTV.com