Chances are the house you currently live in is not necessarily the house of your dreams.
It’s not that it’s bad, it’s probably perfect for what you need when you bought it. But if you have lived in the house for a certain period of time. Eventually, there are things you want to change. You may need a larger backyard, a dressing room or a kitchen, maybe even a bedroom or an additional office. If you’re wondering when is the good time to take this step to upgrade your home to something bigger, more beautiful, or more practical, then I am here to help.
I’ve put together the 6 signs to help you make a decision whether it is time to upgrade your starter home.
Your family’s needs have changed
A growing family is the main reason why most people choose to increase their size. Many people believe that their housing needs change as their situation changes, and what was the ideal home is now something they struggle with. This change in family needs works in several clearly defined steps. First, people start a family, and when they grow up, they need extra space for a nursery or a nursery.
Your family is growing
If the family extends to the second or third child, then this needs to increase in space only. As they grow, the same applies to the need for additional space indoors and outdoors. When these children become young, their need for space and privacy increases. You need your own room or sleeping outdoors to establish your independence, and things like hustle and bustle or games room suddenly become a priority. Finally, after all this expansion and the growing need for space, these children leave the house and begin their own life journey. The house suddenly feels empty and quiet, and it’s time to let go of the memories and move into a more suitable house.
You earn more money now
Starting a new job or a significant salary increase are important factors in deciding to buy a larger home. Having a budget to increase the size is paramount, and if you increase the size, you can probably use the capital gains of your home to make that move. Although your down payment is likely to be quite high, the selling price of your existing home will also be higher and you may not get a much larger mortgage than it currently ends up. Arrange a meeting with your lender to obtain prior approval or at least the green light to proceed.
You need a better location for school and work
Typical home buyers to this day and at this age are young couples and families. The location of a house for sale is always an important factor. A person raising a family needs a home near these services: schools, hospitals, and supermarkets. These are the basic human needs that everyone seeks. The low crime rate is another factor to consider. They choose to live in these closed communities because of the privacy and exclusivity it offers.
Major upgrades will be needed soon
If you look at the timeline and see a lot of upgrades and repairs like a new roof, water heater, HVAC unit, home appliances, etc., it can be a good idea to sell. While an intelligent buyer will see the age of the house, there is something to say about the fact that he does not have to manage all these projects himself.
You are no longer happy/satisfied with the house
You and other family members must feel that you have space to be alone, spend time in hobbies, and have private conversations. If you feel stressed all the time or feel like you don’t have privacy, this could be because your house is too small. When you finally realize that the problems are not with you, but with the size of your home, it is very liberating. Now you have the answer to the problems. All you need to do is get out and find a bigger house to move to.
If you want to upgrade your home or buy a larger one or refinance your current property, make sure you contact your trusted mortgage expert to discuss financing options.