Does Moving up make sense?

Answer these questions to help you decide whether moving up makes sense.

1. How much equity do you have in your home? Use the Net proceeds form to figure out home much you will walk away from the closing with.   Get a CMA done to figure your selling price.
2. Did you receive a large amount of money to put down on the house?  Has your or your spouses income increased to cover increased mortgage payment and taxes?
3. Are you looking for a better school system, a better  commute to work, need more room for an addition to the family?  Are you looking for a different layout or just a more modern or updated home?
4. Can you add on or remodel? What is the cost to do that remodel?  Would you need a variance from the city to remodel or do you have the room to add on?  Would your addition to the home overprice you for the neighborhood?  Can you handle the mess of remodeling, the decisions you have to make, and the stress that comes with remodeling?
5. How is the home market? If it's a buyers market you may lose on the sale of your house but make it up on the purchase of the new house.
6. How are interest rates? Are interest rates lower than the one you have now?  If so you may be able to get more house just because of the interest rates.  You may be able to find a buyer easier also.
   
   Can you truly afford the new taxes and mortgage payment on your new Oakland County Home, Wayne county home, or Livingston county home.  I want you to live in your new Michigan home for many years to come and not lose it in foreclosure or become "house poor."  So think over carefully what mortgage payment you can afford,  most lenders will be able to lend you more than your can afford.

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 how a  Home Comparison worksheet can benefit you. 

$350,000

38630 Elsie Street

Livonia, MI

Beds: 3 • Baths: 1 full

$109,900

6354 Buckingham Avenue

Allen Park, MI

Beds: 2 • Baths: 1 full

$525,000

2648 MOREL Drive

Highland Township, MI

Beds: 4 • Baths: 3 full/1 partial

$274,900

144 Bobolink Avenue

Commerce Township, MI

Beds: 3 • Baths: 1 full

$5,750,000

58415 10 Mile Road

South Lyon, MI

Beds: 6 • Baths: 7 full/1 partial