5 Reasons to Buy a New Home and Sell the Old
Posted by Bill True on
Is it time to buy a new home & sell the old one?
Are you thinking of selling your home and buying a new one? Here are five popular reasons that homeowners decide to leave the old and embrace the new. If you find yourself agreeing with most of these, then it's likely you are ready to move.
1) Space. Is the master bedroom too tight for the king bed you're dreaming of? Or perhaps the kitchen doesn't give you enough room to spread out? Is the living room too small for entertaining? Many homeowners "outgrow" their home; desiring more livable space.
2) Community. Many first-time homebuyers "settle" for a neighborhood they can afford, and when their income increases, they are ready to move on. Or perhaps you picked your neighborhood for the local schools, and now that your children have left the nest, it's time to choose a neighborhood that's perfect for you.
3) Proximity. A shorter commute can be less stressful and less expensive. As a result, moving to be closer to work, school, or family is a popular reason for homeowners to buy a new home.
4) Finances. An increase in income inspires many homeowners to buy a new home. Perhaps your financial situation improved, and you're wondering if a new home might not only suit you better, but might also be a better investment. If you've built sizable equity in your current home, you are in a better position to buy a new home. You can find out by looking at your mortgage statement or contacting your lender. If you’ve owned your residence for five years or more, it's more likely that you'll have significant equity.
5) Market. A good market for buying -- affordable homes and low interest rates -- is why many homeowners take the plunge and buy a new home. A low rate not only helps you buy a larger home, but it also makes it easier to find a buyer for your current home. In our current real estate market in Sarasota, more homeowners are gaining confidence to buy a new home. Interest rates have never been lower, prices have seldom been more affordable, and the economy is turning around.