You no doubt loved your house when you bought it.
You gaped in awe at the updated kitchen and natural light streaming through the windows. You saw possibility in the barren white walls and spotless wood flooring. You couldn’t wait to make that place your home.
But over time, it’s lost its luster. Maybe it’s too small and cramped now. Maybe the neighborhood has gone south. Maybe your lifestyle has changed.
Whatever the reason, you’re thinking of a move.
Buying a move-up home may not be as simple as your first purchase was.
Now, you’re not just running out of lease or moving out of your parents’ basement. Instead, you’ve got a home to sell (or rent out), before you even have the cash to purchase that new home.
That complicates things a little — and it means being extra careful about timing.
Is it time for you to move onward and upward? Should you wait it out a few years until you have more equity or your kiddos go to college? The answer is different for everyone.
There are two sides of the trade-up coin: the personal and the financial. You’ll need to consider both when determining the best time to sell your current home and purchase a new property.
Let’s look at the personal factors first:
Financially, you’ll want to consider things like:
If the financial and personal factors don’t all point in the same direction, you can always consider a remodel instead. Home additions, renovations and other updates might be able to help you add more space or repurpose your existing ones to better meet your goals. Plus, financing options like HELOCs, home equity loans and cash-out refinances can let you leverage your equity to pay for those updates, lightening the financial load significantly.
Whether you decide to buy a move-up home or just want to tap that equity to pay for renovations, SnapFi can help. Contact us today to for personalized advice and guidance.