Are there signs it’s time to upgrade your home? You betcha! Think back to when you first bought your home. Maybe you were young and just starting out on your financial journey. Maybe you bought your home when you were single, or maybe you were newly married.
Whatever the case may be, you probably did plenty of research to make sure you were buying the right home in a great neighborhood, and you consistently made a monthly payment to the bank to cover your mortgage.
Fast forward to years ahead, and plenty of life has happened. And maybe now you’re looking around and wondering if the time is right to upgrade your home and move into something a little more practical, or a little bigger or nicer.
But how can you know if the time is right? Here are 6 signs to help you know it’s time to upgrade your home.
#1. Your needs have changed
Perhaps the best and most obvious reason to upgrade your home is simply that your needs have changed, due to a change in circumstances or lifestyle factors. Perhaps you’ve had children since purchasing your home and could use an extra bedroom or two.
Or maybe you’ve begun working from home, essentially turning one of your bedrooms into a dedicated office, and you could use some extra space. Whatever the case, if your lifestyle has changed, there’s a good chance your real estate needs have changed, as well.
#2. There’s room in your budget
Of course, you shouldn’t run out and turn every raise in pay into a big purchase, but there is definitely a case to be made for upgrading your home when there’s ample room in your budget. For instance, if your annual income was $75,000 when you purchased your home and it’s now $150,000, upgrading your home is not only reasonable, it’s also completely justified.
#3. Your house has appreciated significantly
You’ve probably heard a number of expressions along the lines of “selling while the getting is good.” If you made a smart purchase in a great neighborhood that has appreciated significantly, it may be a smart decision to sell your home and capitalize on your good fortune. The equity in your home can then be put toward the purchase of a new home.
#4. Major upgrades or updates are on the horizon
If you know that major upgrades are approaching in your home, such as needing a new roof, a new HVAC unit, or more, it may be a smart time to sell. A savvy buyer will, of course, notice the age of your home and realize the potential for upcoming renovations, but there is definitely something to be said for not having to take care of these issues yourself.
#5. You’re not happy with the house anymore
It sounds simple, but it’s true. Do you remember when you first bought your house and how much you loved it? You probably spent all afternoon looking forward to pulling into the driveway and walking to your front door, thinking to yourself how nice it was that the house was yours.
If those feelings have faded and your home no longer inspires joy and pride, it may be time to move along. While you obviously shouldn’t rely on your home for self-fulfillment, there’s likely an available home out there that will help inspire these feelings again.
#6. You know what you’re looking for
Sometimes, people decide to sell their homes, but then they have a hard time finding something else. Most often, they’re either too picky or they simply don’t know exactly what they’re looking for. However, if you find yourself on the opposite end of this spectrum, in that you know exactly what you’re looking for in your next home, you’re certainly ready to make the move.
Upgrade Your Home with Reali
If you’ve ever tried to sell and buy a home at the same time, you know it’s nearly impossible to get the timing just right. And with paying for two mortgages, moving in with family, or covering a short term rental, all because you need the equity from your current home to buy a new one, it can also be incredibly expensive.
But with Reali Trade-In, it’s easier and more convenient than ever for you to purchase a new home before your current home is sold. Learn more about the Reali Trade-In program or find your local Reali agent to get started today!