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Time to Move Up? Ask These Five Questions First

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Time to Move Up? Ask These Five Questions First

The spring home selling and buying season is underway. And, like the weather, the market is hot! So, if you have been thinking about selling your home and moving up to a larger one, now may be the perfect time to do so.

But, how do you know if you’re ready?

Whether you’re planning to move to a new city or simply a new neighborhood, there are several things you should consider before listing your home. Here are five questions to ask yourself before selling your home and buying a new one:

1. Can you afford the costs of moving up to a larger home?

Of course, this is the first thing you should consider. Will you be able to afford a larger mortgage payment, high utility costs and new property taxes? Will you be able to furnish all the rooms in your new home? If you’re planning to move to a new location, will your cost of living change?

When it comes to affordability, you’ve also got to consider the amount of time you’ll have to put in to a larger home. Bigger homes have more space, which equals more home maintenance. Can you afford the time it will take to maintain and clean your new home – or the price you’ll have to pay professionals to do it?  

2. Will you be able to sell your current home and buy a new one at the same time?

The real estate market may be hot right now, but you’ve got to consider that you’ll be on both sides of it. What are the chances you’ll be able to sell your home and find a new one at the same time? If you’re able to easily sell your home, you may need to make plans for where you (and all of your belongings) can stay until you are ready to move into your new home. If you’re going to be local, you may be able to rent back your current home until your new one is ready. If you’re moving to a new location, you may have to consider renting or staying in a hotel until you’ are ready to close and move into your new home. If you are not able to easily sell your home, but quickly find a new home, consider how you will afford two mortgages.

3. How will the move affect your children or other family members?

You’ve got to consider all family members when it comes to moving. You may love moving into a larger home, but will your move put you into a new school district? Will you move your children in the middle of the school year or wait until the summer? Children may be anxious about moving and making new friends, so you will need to prepare them for the changes. Also think about how a new commute may impact your daily routine.  

4. Would making modifications to your current home meet your changing needs?

If you love your current home, but are finding that it is not big enough or doesn’t have certain features you desire, think about whether or not it may be worth it for you to add those features. Would building an addition give you the extra room or living space you’re craving? Would a home renovation or upgrade make enough of a change in your current home that you would want to stay put?  

5. Are you emotionally ready to sell your home?

The selling, buying and moving processes can be stressful. Are you emotionally prepared to deal with the stress that can accompany all three? If you’ve lived in your current home for a long time, you’ve likely made great friends in your neighborhood. Are you (and your children) prepared to start all over in a new neighborhood? All of these stress-inducing situations can arise when you’re selling a home and moving to another one.

If you answered these five questions with ease, you may be ready to sell your home and move up to a new one.