Why it’s Time to Upgrade Your Home and Save for a New One
When considering the sale of your current home for a bigger place or for a relocation, it's important to adjust your expectations and goals appropriately. For many, it begins to get confusing - Should they focus on the sale of their home? Or should they spend their efforts trying to become second-time home buyers.
This Rug Really Ties The Room Together
When buying a home it is always important to consider the possibility of a future move. Whether to relocate or a job or to expand your family. Ultimately, it’s going to have to be a decision you make and feel comfortable in, but let’s discuss the circumstances. If your home is in need of dire repair, these repairs will likely be a requirement for nearly every buyer. If the repairs are simply upgrades that are purely cosmetic, it can be a negotiating point for you and the potential buyers that come your way. Either way as a home owner you should have a realistic assessment of what is in need of repair or may need upgrading in the future. While occupying your first home it would be much more cost effective to repair things as they need so you won’t have to foot a larger bill later. So don't sweep needed repairs under the rug!
Bigger House or Larger Profit? Determine Your Down Payment
Keep in mind that many
housing markets don’t require such large down payments these days, which can free up a lot of money and allow you to put more repairs and work into the property that you’re looking to sell. Debate this: would you rather have the ability to put
Home Equity (and therefore large downpayment) on your next, new home? Or would you rather make sure that the current property sells easily?
Conclusion
As a homeowner it's important to remember that your home can be your biggest asset or your greatest liability. This is exactly why its time to upgrade your current home and always keep an eye on the future, you may be in the market for a new home at some point. So ,which is better, upgrading or saving? The answer is entirely up to you, but upgrading now may save you tons in the future.
