Are you Ready to Move Up in Lexington?

These five questions will help you determine whether it may be time to move in to a larger home or maybe just a different neighborhood. We have many great areas to live in and around Lexington MA. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Do you have equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build much equity in the first few years of a mortgage, as monthly payments are mostly interest, but if you have owned your home for five or more years, you may have built significant equity.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Does it make sense to remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you really want to be in a different neighborhood, then moving to a bigger home may be your best option.

4. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home. It is a really always a good time to move if it makes sense for you.

5. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer. There are currently at all time low’s.

Something else to think about. The neighborhood you picked for your first home might not be the same neighborhood you want to settle down in for good. You may have realized that you’d like to be closer to your job or live in a better school district or just simply a different neighborhood. This in itself might be worth moving over.

Whether you are looking to move up now or might just be considering a move in the future. Let me help. We can look at all these factors together and make the right decision for you. Contact me at Theresa@LexingtonHouses.com or call 781-718-5881.

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