Your starter home will be the house you look back at with loving nostalgia over the years. While you love your small condo or home, you might be ready to trade up to a larger house. Here are 3 signs it is time start house hunting.
Your House No Longer Meets Your Needs
Always consider if there is a way to make your current home work for the long run. For example, adding custom built-ins, finishing the basement or attic, or adding on to the home may be a good way to resolve space-constraints. However, if your commute is too long, your family has outgrown your home, or you want to move to a different school district, then it may be time.
You Can Easily Afford To Make The Move
Now is the time to sit down with your financial advisor and talk through your options. Consider how much equity you have in your home, the ballpark range it will sell for, and the general price range of the home you will be trading up for. The goal is to make the move without taking on a bunch of new expenses. However, moving always comes with expenses, such as purchasing appliances, painting, decorating, and investing in new furniture. If you can afford the move without creating financial stress, or increasing your housing budget beyond around 28%, then it may be time to trade up. Alternatively, does it make sense to keep this home as a rental property?
You Are Looking For More Than A Home
One benefit of owning your own home is that to you it is more than just your home, but a private space that supports your lifestyle. With your starter home, you may have been less particular about the details and amenities, but now you may be ready for a home that feels more like you. This might mean purchasing a home in a specific design style, having a home designed and built to your liking, or finding a NoVA home with specific features such as swimming pool, large yard, or secondary living space.
If you are ready to trade up from your starter home to your dream home, we invite you to reach out to the team at Jerry Sardone Realty today. We will help you sell your first home, and find the perfect home that meets your long-term goals!