Many of us have been there before: That moment that we look at our spouse and say, “It’s time to get a new home.” There are many reasons that can cause someone to make this decision, and it’s important to recognize when it is time to upgrade your house. Here are a few examples of things that may occur that make you realize you have reached that point.
Your Family is Growing
One of the biggest reasons that people decide it’s time to get a new home? A growing family. The arrival of a new baby can be a huge impetus to buy a new home, as you will suddenly need a new room for the baby, more play area, more storage, and potentially a larger back or front yard.
You Are Out of Storage Space
There are always ways to rearrange your home in order to create more storage space. Closet organizers and spring cleaning can sometimes help you muddle through, but eventually, you may hit that point where your house is just busting at the seams. When this happens, it may be time for a new home that comes with more closet space, a basement, an attic, or just more room to keep your stuff.
The Market is Right
There are moments when the real estate market is practically begging for buyers, and this can have a major impact on the down payment you can afford and your long-term mortgage payment. Timing the market can be hard, but it absolutely can be done. Make sure to talk to your real estate agent about the state of the market, and see if this is a good moment for you to buy a new home.
You Feel Financially Comfortable to Do So
Everyone has different metrics about whether or not they are financially ready to purchase a new home. However, generally speaking, there are a few guidelines to determine when you have hit that point. These include: the ability to save up for a down payment, low or manageable levels of personal debt, little or no credit debt, and adequate emergency savings for if your financial situation suddenly changes.
If you are interested in buying a new house or aren’t sure if it’s the right time for you, make sure to peak with a real estate agent. They will be able to help you identify potential new homes and help you make a determination about whether or not you can turn your dream of upgrading into a new home a reality.
