Does it make sense to move up to a bigger and newer house?
Are you looking to move out of your old Wayne County home to a bigger, newer home with a better school system. It does not matter whether you are moving from 1100 square foot ranch home in Livonia MI to at 3000 square foot colonial home in Northville Michigan. Answer these questions to help you decide whether moving up makes sense.
- What is your Wayne County home really worth? How much equity do you currently have in your home? Get a comparative market analysis (CMA) done to figure your selling price. Call me on my cell at (248)310-6239 if you are thinking of listing and I will do a CMA for you. Then minus what you owe and you will come up with your equity.
- How much money do you need for closing costs and down payment on this new piece of Northville real estate? Did you receive a inheritance, a gift from a relative, or a big bonus to add to your equity to put down on the new house? Has you or your spouse's income increased to cover increased mortgage payment and taxes?
- Are you looking for a better school system (Northville schools are one of the top schools in the area), a shorter ride to work, want to be closer to family, or need more room for an addition to the family? Are you looking for a different layout or just a more modern or updated home?
- Does it make more sense to stay where you are at and add on? Can you remodel or add on to your Livonia home? Call a builder to get an estimate for remodeling. What is the total 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 make you the biggest house on the block? Would your home now be overpriced for your neighborhood? Can your spouse and your family live with the mess and being disorganized for a month or more? Can you handle the mess of remodeling, the decisions you have to make, and the stress that comes with remodeling?
- How is the Metro Detroit real estate market? Being prepared and knowing how long it may take to sell your piece of Livonia real estate is important. If it is a buyers market you may lose on the sale of your house but make it up on the purchase of the new house. It may take a while to sell your Livonia home in a buyers market. In a seller's market your home may sell quickly and get top dollar. But you will also pay top dollar and it make take a while to find a new Northville home.
6. How are current interest rates? Are interest rates lower than the one you currently have now? Then you may be able to afford more home at the same payment you are making now. If so you may be able to get more house just because of the interest rates. When interest rates are low it brings more buyers out.
I hope these questions about does it make sense to move up in a bigger and newer home gets you thinking about your options and helps you plan your next move. It doesn't matter whether it is a Livonia home, a Howell home, a Birmingham home or a Saint Clair shores home. These questions fit for any Metro Detroit home. Be prepared and knowledgeable....your next Metro Detroit move will be easier. Give me a call we know the market and will market your home using the latest technology so your home reaches the greatest number of Metro Detroit home buyers.
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