Whether your family is growing, you just landed a new promotion, or you're simply ready for something new, there are many reasons people choose to move or upgrade their home. As your family and financial needs change, so do your housing needs. There are many benefits to being a move-up buyer in this market:
- Gaining Additional Space: When you move, it gives you the option of having extra space for your growing family or having more space to accommodate social needs and hobbies.
- Better Amenities: A move can potentially allow you to upgrade to a more luxurious home.
- Manageable Space: A different home gives you the option of downsizing or streamlining your life.
Things to Consider as a Move-Up Buyer
Buying a new home is a large investment and requires careful consideration. Before making a decision on a new home, here are some important things to keep in mind:
- Requirements for a New Home: Think carefully about what type of home will accommodate your present and future needs.
- Cost of Selling Your Current Home: In order to sell your home, you may need to invest in structural or cosmetic upgrades to make it more appealing to buyers.
- Moving Costs: Will you incur temporary storage costs? How much will it cost to move cross country? It's important to think about the costs associated with moving and to calculate those costs into your budget.
- Selling Price for Current Home: Make sure your home is priced appropriately so it sells quicker. Money you get from the sale of your current home can be used toward a down payment on your new home.
Once you've decided that moving is the right choice, a licensed loan specialist can help you identify the right mortgage for your new home.
Types of Mortgages
Buyers looking to upgrade to a new home have plenty of mortgage options available such as FHA Loan, VA Loan, Conventional Loan, Jumbo Loan, and Super Jumbo Loans. Each option has its advantages based on the amount of your down payment, your financial history, and the amount you want to pay monthly. It's important to get preapproved for home financing so you know how much you can afford to spend and so that you have the confidence of shopping as a qualified buyer.