Even if you have found a perfect starter home, a time may come when it will no longer meet your needs or life style. In that case, you may consider moving or upgrading to a larger or different home. As your needs or you buying capacity grow or change, your home should evolve as well.
Now is the right time to consider buying your next home. There are many benefits of upgrading to a larger home. Here are the top benefits
- Gaining additional living space for your growing family, elderly and kids. You also get space to enjoy privacy, accommodate your social life and hobbies.
- Many times, a switch or a promotion in career also mean relocating to a new home
- Lavish or luxurious lifestyle or increase in income also allow you to upgrade to a more luxurious home
- The value of the current home has significantly increased
If you are planning to move, buy a vacation home or invest in real estate property, you should get in touch with 5 Star Lending. We will help you in getting a free up-front credit approval. Getting pre-approved for home financing will let you know how much you can manage to pay. It will also give you the confidence of shopping as a qualified buyer.
As a buyer who is upgrading, you need to consider many things. This is because buying a home is a large investment. Before making a decision for your next home, think about the following.
Think why you need a new home – Think carefully why you should invest in a new home. List down your requirements to find out whether all your present and future needs will be met or not.
Cost of selling your current home –If you want to get good returns by selling your home, you need to invest in upgrading or renovating it. This will appeal the potential home buyers. You should also not forget the marketing costs and real estate commissions when you are selling the home yourself.
Moving costs – Are you going to bear the cost of temporary storage for your personal items while showing your home to potential buyers? It is important to include this cost as well.
Realistic selling price – Make sure the selling price of your home is realistic as it will help you in selling your home faster. You can use this amount as a down payment on your new home.
Buy your next home first before selling your current home – In the seller’s market, unfortunately, you are in a better negotiating position if your offer does not have a contingency of selling of your current home. Consult with our local real estate professional team to learn more about the local housing market. The inventory market level and the average day-on-market can play a crucial role in determining how long both processes may take.
Sell your home first before purchasing a new home – This is the best approach providing a rent-back provision is included in the contract with your new home purchase to avoid double mortgage payments. Cynthia Trinh, our recommended real estate professional will help navigate many situations like yourself.
5 Star Lending has a team of professionals to make your next home buying project stress-free and rewarding. You can choose from different types of mortgages including FHA Home Loans, VA Home Loans, Conventional, Jumbo Mortgage and Super Jumbo loans.
Contact us as soon as possible to speak to one of our mortgage specialists to discuss your new home mortgage requirement.