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Does Moving Up Make Sense?

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move. Somewhere like Berlin might whet your appetite. If so, check out

1. Have you built substantial equity in your current 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 your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district. What if it’s not just your neighbourhood that your have outgrown? What if it’s because you actually want to move country and live in a completely new place. Why not have a new adventure and move all the way across the world to Australia. If this idea excites you then you should take a look at these real estate agents Australia, just to give you an idea of what you are missing out on.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, if you cannot obtain the proper building permit, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option. Deciding to purchase a bigger home for you and your family may mean that you will have to move to a new community, depending on the type of home that you are looking for. That is why it is important to do some thorough research beforehand so that you are making the best decision. For example, you may decide to have a look at someone similar to McGraw Realtors Owasso Real Estate and the homes that they have to offer before deciding on whether moving to a bigger home is the right thing for you.

5. Are you comfortable moving in the current housing market? Under the current slow housing market, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. Mortgage interest rates are still low, and many experts anticipate that rates will begin to increase this summer 2010.

7. Do you qualify for the Homebuyer Tax Credit? If you have lived in the same home for any five-consecutive years of the eight-year period, then you may be able to claim a homebuyer credit of $6,500. Learn more about the qualifications.

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