Hey everybody, Tom Townsend coming to you. This is for everybody out there that has the question of “Should I buy a bigger house?”. A lot of times we’ve been getting a lot of questions here lately from folks saying, hey, is this a good time to sell the house and possibly buy a bigger home ’cause they may be looking for a bigger home.
So what we always ask them is, first of all, there’s like four things that you really need to take into consideration before making that decision. Determine if this is a want or a need. That’s the first thing that you really have to take a look at. If it’s something that you’re really needing, let’s say you have a growing family, or you have people that are coming back into your house, that could be parents, that could be kids, that could be a lot of different things. So that would be more of a need situation. So really weigh out if this is just something that you want to do or if this is something that you need to do.
Then the second thing that you’re going to want to take a look at is your finances, make sure that you can afford to sell your home, which has a cost to it, and being able to buy a larger home. Now, that may sound pretty simple but let me throw a couple of things out there for you. Right now, borrowing money is extremely cheap. So what we refer to that as is if you’re selling a house that has a higher interest rate on it, and then you can buy a new home, a larger home with a lower interest rate, you’re really trading up. So you could actually get into a larger home for less money or equal to where you’re at right now. You know, in order to determine that, let’s get with a mortgage professional or your real estate agent in order to determine exactly how those numbers play out for you. But really analyze that don’t think about the fact that just because you’re up-sizing and maybe buying a more expensive home that it’s going to cost you more, a lot of times it’s equal or if not less, depending on where you’re at with your current financing.
The other thing is, how long are you planning on staying there? You know, this is really a personal question that you’ve got to ask yourself. Typically, if you’re looking at a home to really be able to gain the value or maintain the equity that you have or value, you know, the minimum stay in a home is typically five years before you make up the cost associated with actually making that transfer. You kind of have to weigh those things out. Get with your local agent, if you have a realtor in mind, if you have someone that you really can count on that’s been in the industry for a long time that you really rely on, get with them to kind of answer these questions and kind of go through the scenarios of if it makes sense for you or not.
If you don’t have anybody that you can rely on, obviously, we’re here to help you. We’re right here in Canton, Georgia, Cherokee County. We work a lot in the BridgeMill area, the Sixes community. We’re right here, this is kind of our sweet spot. Been here since 2002, helping families really transition from one home to the next and we’d be more than happy to have a conversation with you. I hope that helped you answer the question of “should I buy a bigger house?”! If you find this video helpful, subscribe to our YouTube channel. Give us a thumbs up if you really liked this video, that’ll really help us out determining if it’s been a benefit or not. Other than that, hopefully, everybody’s having a great day and we look forward to seeing you in the next video.