You are not alone, we get this question a lot and can help.
Whether you are renting and looking to buy your first home, buying your next home, or considering downsizing, you’re not the only one struggling to make this decision. Ultimately, it is an individual decision, but here are some things that we believe may help to consider:
- Am I paying more rent than I would be paying if I had a mortgage? This can be a tricky question to answer, so we recommend reaching out to a credible lender who can help you run numbers to decide the best decision for you.
- What are your 5-10 year goals?
- Is your family growing or getting smaller?
- Will the school district be important to you? If so, check out this website.
- Will there be job changes that may require a home office space?
- Will you ever need a first-floor bedroom and/or full bathroom?
- Is it important for you to be close to a particular landmark, or are you concerned about taxes?
- Can I afford the type of home that I would want to buy next?
- Again, we recommend speaking with a lender when you start thinking about making a change. The lenders we work with (and recommend) view themselves as advisors and will be happy to help you formulate a plan years before you are ready to move.
- What do you love about your current home that you would want to replicate in your next home? Conversely, what are things that you don’t like in your existing home that you would like to change?
- Are there any timelines that you hope to meet?
- Are your children going to be starting school?
- Is your job going to be changing?
- Is your family status changing at a certain time?
Many other things go into the decision to move! In the end, it is important to meet with a credible lender and Realtor to discuss your goals and see how we can help you achieve them. Whether you are looking to move now or in a few years, it is helpful to have professionals on your side who can help you think through your options.