There's nowhere else that you can be as comfortable as you are than in your home. Over the years, you fill it with memories and imagine yourself growing old in it. However, you can't stop your feelings from changing over the years, and you may find yourself wanting a new setting.
If you are living in the city, you may want to move somewhere near the beach and the busy city life. Or you want to live near a golf course, have a bigger yard, or gift yourself a basement master suite. Regardless of the reason, relocation is a reality that may hit any homeowner at any point of their life.
So how do you know if it is time to buy another home according to Realty Times?
You can afford to move
It really just boils down to whether you can afford the move. When talking about getting a new home, this involves cost for a down payment which is somewhere between 10 to 20 percent, a good credit standing, and a comfortable wallet standing to accommodate moving costs, HOA fees, as well as maintenance cost for the new home. When doing your expense analysis, remember that the mortgage payment, hazard insurance, and tax escrows could also be higher.
You can sell your home easily
Another important consideration when weighing on whether you are ready to buy a new home is your ability to dispose the property as quickly as possible. This means that your home should be worth more than your current mortgage, you are willing to cash out on brining your home to its optimum shape for marketing, you wouldn't mind getting your hands dirty to deal with the cleaning, decluttering, as well as staging your home. But most of all, you are aware of the current market and is willing to price it accordingly.
You can improve your quality of life
It should be time to get a new home if doing so will help you fix major problems in your current living situation: if you are currently having problems with space in your existing home because of your growing family; if moving to a new home will bring your closer to friends and family; or if moving to a new home will significantly cut down the amount of commute that you need to do on a daily basis. When a new home means improving your quality of life in many levels, then it must be time to buy another home.
