If you are considering buying a new home, here are some common buying reasons that can help you decide.
1. Need more space?
Is your garage too packed to squeeze in your car? Are your parents or older kids now living with you? Are your kids or pets outgrowing the backyard? If these questions sound familiar, it may be a good time to consider buying a larger home.
2. You need less space
One of the biggest trends is downsizing for those who no longer have kids living at home. A smaller home that requires less time and effort to maintain can be liberating, especially if it's part of a "lock and leave" community that takes care of any exterior maintenance. With less to worry about, you have more time to travel and do the things you enjoy.
3. Change in scenery
Are you looking for a view? Prefer sunsets over mountains? Or would you prefer to be on the golf course? A change in scenery can also mean a different school district, a shorter commute to work, or proximity to shopping and restaurants.
4. Considerable equity in your home
For many homeowners, the decision to buy a new home comes down to how much equity you have in your current home. If the market value has increased to the point where it is considerably higher than how much you owe, you could be in a great position to buy a new home. Or, if you own your home free and clear and the market value has increased considerably beyond what you originally paid, then it could be a good time to buy. The key is to understand how much your home is truly worth, so speak with the Team with MORE to get a solid estimate of the value of your home.
5. Interest rates are affecting affordability
Lower interest rates make it more affordable to stretch your home purchasing power. Lenders may have many more lending options that make the buying process more flexible for buyers.
6. You want to be in a new neighborhood
As your life changes, you may outgrow your current neighborhood or might just start looking for a change. Are you looking for a community with a homeowner’s association and community amenities such as parks, walking trails, and a community center? Or would you prefer to be in an area without a homeowner’s association and fewer restrictions? Whatever the reason, moving to a new neighborhood that better fits your lifestyle is a good reason for buying.
7. You want to be closer to employment or family
If you are spending too much time commuting or have to travel a long way to visit loved ones, moving closer may be just the answer. Buying a home that cuts considerably into your travel time can improve your quality of life by reducing the stress of traffic and giving you more time to spend with those you care about.
8. Buying new is easier than remodeling your current home
Looking for a new kitchen or bathroom? It may be easier to purchase a new home rather than remodel your current one. Consult The Team with MORE before embarking on a renovation — they can supply data to help you compare the costs and benefits of remodeling your current home vs. purchasing a new one.