ARE YOU PLANNING TO MOVE UP? GUIDE TO BUY A BIGGER HOUSE

Are you a move-up buyer? Are you looking to move into a bigger space from what you have now? If yes, then you have come to the right place. Today we will help you with some guidance when you are looking to move up.

·         CAN YOU AFFORD A BIGGER PLACE?

You may be very easily paying off your current mortgage but consider when moving to a bigger place the mortgage payment becomes bigger too. Are you comfortable in paying a bigger mortgage without hampering your living expenditure? Another thing to keep in mind is whether you can get a second mortgage or not. Do your homework. People often assume that because they have an existing mortgage they will have no problem getting another. It is always smart to get a mortgage pre-approval.

·         HOW BIG SHOULD BE THE MOVE-UP?

When moving into a bigger house; the costs related to it will be huge too. There would be land transfer fees, real estate commissions, utility set-up costs and much more. Consider all these factors thoroughly before taking a decision.

·         INCREASED COST WITH HOUSEHOLD ITEMS:

A bigger house means more floors, windows and rooms. Be sure to budget for the upfront costs of buying more furniture or window coverings or putting down new floors, as well as the costs of cleaning and maintenance.

·         SELL YOUR HOUSE BEFORE MOVING INTO A BIGGER HOUSE:

Make sure you sell before you buy owing to that you don’t necessarily want to be carrying two homes at once thus you should plan to SELL BEFORE YOU BUY. You would not want the disadvantage of having to negotiate feeling pressured to accept an offer that is below-market value because you have to meet a purchase deadline. When you have sold your home prior to buying a new home you can make this new purchase with no pressure.

·         WORK WITH A REAL ESTATE AGENT:

It is always wise to choose a real estate agent and go with him. But make sure that the real estate agent you choose is well aware of your area and is enough experienced. Moving to a larger home is a major investment and it’s best to go ahead with an experienced Realtor.

Editor: Neha Charan