Are you considering upgrading to a bigger home?

12 Apr

Today’s low home prices and low interest rates have made home ownership so much more attractive. And, while first time home buyers are taking advantage of this market, they aren’t the only would-be buyers interested in making a home purchase. There are plenty of current home owners considering upgrading to a larger home.

In many markets, home owners are looking at homes in the next price range as good buys, especially since foreclosures, short sales and a slow market are resulting in good deals. It sure is tempting to upgrade, isn’t it? But with an unstable market, is it really a good idea for you? Many are upgrading while others are downsizing.

Why are you considering Moving Up?

More house, more bills; upgrading will surely mean more bills; a larger utility bill, more property taxes, probably an increase in your mortgage; and consider the market in your area. Is this upgrade a good investment, especially for your area? Are you getting a bargain with home pricing and the low interest rates? Many home buyers have been following the market ups and downs and still want more than they can afford; of course, if this is a great deal that works to your benefit financially then it could be in the cards to move up to a bigger home. But nowadays, homeowners should consult a Realtor, a mortgage broker and a financial planner. As we all have seen, what sounds good today, may not appreciate tomorrow.

There are many Pros to upgrading to a larger home including a ridiculously low interest rate which you’ll probably not see again. More home for a lower price. Homes are priced so low today you could get an executive estate home for half the price. 4 years ago, that executive estate was very close to a cool Million and today, you can probably get it for $600,000 in many areas.

But while many homebuyers are considering such a sweet upgrade consider any sacrifices you make. You know those multiple vacations you can afford now? Will you be able to afford them when your home responsibility doubles in cost? What about the new car you hope to get soon? That’s another car note to add to your monthly debt.

It’s a simple comparison to look at your home now and how much home you could bargain for but during that process, be sure to envision how your living standards could change. Many prospective home up-graders are not willing to sacrifice their current lifestyle. What about you?

About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida.  Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties.  For more information please forward your request to communityinfo@comcast.net

Servicing Florida Cities:  Port St. Lucie, Palm City, Jensen Beach, Stuart, Vero Beach,  Hutchinson Island, Fort Pierce,  Palm Beach, Jacksonville, Jacksonville Beach, Ponte Vedra Beach, Palm Coast, Neptune Beach, Amelia Island, Atlantic Beach, Fernandina Beach, Saint Johns, Saint Augustine, Daytona Beach, Fleming Island.  View thousands of listings www.Northeast-Florida-Relocation.com, www.BoldRealEstateGroup.com, www.NewYork-Florida-RealEstate.com, www.TheCascadesAtStLucieWest.com

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