Buying a home is one of the soundest financial investments you can make. Beyond accruing equity through the years, home ownership is the realization of the American dream. If you are already a homeowner, you probably remember the excitement of buying your first starter home. Perhaps you still live in that home. And perhaps you’ve considered moving into a new home.
With the housing market seeing improvement in recent months, now might be a good time to consider moving into a new house. Here are a few factors that might drive your decision to buy a new home:
Once upon a time, a growing family usually meant a baby on the way. These days, families are not only growing in terms of children, but sometimes a growing family means that aging parents are moving back in with their adult children. Blended families may also need more space to house additional family members. With a larger family living under one roof, you may be looking for additional bedrooms, more living space, or even an in-law suite.
Maybe you need to move for a new job, or perhaps you want to live in a school district with a stellar reputation. In either case, a new home is in the cards for you – and you have an opportunity to move into a new house elsewhere in your community or further afield. And you’re going to want to choose a home that fits your family’s needs and lifestyle.
Years have passed since you first moved into your current home, and perhaps your finances have improved over time due to a new job, a promotion, or other financial windfall. You may find yourself in the position of being able to afford a larger home with more space and amenities. Many families opt for an upgrade by buying a home that better suits their present needs.
Even if you aren’t actively thinking of buying a new home, sometimes the real estate market makes such an option just too tempting to resist. If the value of your home has increased over time, you may find yourself in the pleasant situation of being to sell at a higher price than you bought for – and move on up to a bigger home in the process.
If the time is right for you to consider buying a new home, you should consider getting in touch with a loan officer to weigh the benefits of making a move. He or she can help you calculate how much home you can afford and whether upgrading to a new house is the right decision for you.