First things first: let’s define what a “Move Up Buyer” is. A Move Up Buyer is someone who is currently living in a home they’ve purchased who is looking to move up into a larger home that suits their needs. The reasons to move up are endless, but mostly center on functionality and comfortability. Whether you need more bedrooms to accommodate a larger family, or a separated office area where you can focus on your small business, or you simply need more storage space, moving into a larger home can offer you the room you need to simplify your everyday life.
Here are three questions to ask yourself to help decide if moving up is right for you.
- Have you been curious about what other homes are available?
New houses are listed and come on the market every day, which means this may be the time to take another look at what could possibly become your dream home. You can assess your current home (what you like vs. what you dislike) to figure out what you’d need in your next home, guaranteeing you make a move that benefits your day-to-day.
- Does the neighborhood you live in still serve you?
Schools, amenities, commutes—these are all factors to consider when it comes to your ideal neighborhood. As your life changes, you may need to make a geographical adjustment to better suit your needs. Considering factors like public schools, average commute times, and even property taxes can help you decide whether the current neighborhood you live in will still work for you in three, five, or even ten years.
- Are you planning on growing your family?
If you’re considering adding children to your family, you’ll probably need more space! A bigger home gives you and your growing family more room to, well, grow! While a condo in the city may have worked for you at one point in time, you may find you need a bigger backyard, storage space, and more rooms to accommodate any additions to your family, as well as future plans.
If you’ve answered “yes” to one or more of the questions above, you may be ready to move up! The next step in your homeownership journey begins with reaching out to a mortgage professional—they can help explain your individual options, as well as educate you on why now could be the most opportune time to buy. (Did you know that we’re still at historically low-interest rates*?)
Outgrowing your first home is normal—half of the time, it’s expected! That’s why there are loan programs and professionals (like the ones you’ll find at Penrith Home Loans!) who are experts at helping you transition from a house that used to work, to one that will carry you into the future.
*Reflective of interest rates as of July 15, 2020 compared to 30-year history.
Want to learn more about being a Move Up Buyer? Download our free guide!