Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
Are You Ready to Move into Your Forever Home?
Starter homes are supposed to be just that, a starting point. But how do you know when it's time to take the leap and invest in something bigger? In an attempt to answer that question, consider this first:
LOCATION
BUDGET
INTERIORS
SPACES WITH VALUE TO YOU
QUALITY APPLIANCES, PRODUCTS, and ELECTRONICS
POTENTIAL FOR AN EXTENSION
YOUR FUTURE PLANS
So, you've outgrown your current house
Whether your family has grown or you just need more room to spread out, there's no mistaking the feeling of a living space being too small. One day you wake up and it feels like everyone is bumping into one other or constantly stepping on each other's toes. Not to mention that it seems like everyone's stuff is overflowing in every corner of the house!
When those feelings take over, it's time to spread out. More than likely, you're ready to move into a home that gives you more room to roam. Forever homes are generally a lot larger than starter homes and should fill this need quite nicely.
In this case, one of your major considerations when house-hunting should be determining how much room will truly suit your needs. Start by thinking about how many bedrooms and bathrooms you'll realistically need. Then, zero in on if there are any particular features that your forever home absolutely must possess, such as a bonus room for the kids to play in or a big yard for the dogs.
Starter homes act as a training ground for homeownership
They're the first place that you really learn what it means to maintain a home and pay down a mortgage. By the time you're ready to move into your forever home, those things should feel like you've been there before. You should have the basics of homeownership down and feel ready to move on to a place that offers even more responsibility.
The reality is since starter homes are larger and often single-family homes as opposed to condos or townhomes, they naturally come with more upkeep. Be honest with yourself about how well you're handling your home's upkeep now, as is, and if you have the time, skills, and money to take on even more at the moment.
You can afford to spend more
There's no getting around it: forever homes are a big purchase. Quite possibly the biggest purchase you'll make in your entire lifetime. With that in mind, it's absolutely crucial that you make sure you're financially able to handle a purchase of this magnitude before jumping in and buying something.
In order to figure out how much you can afford to spend, start by looking at a mortgage calculator. Play around with the numbers until you land on a sale price and monthly payment that feels comfortable for you. Then, double-check that figure by putting it into your monthly budget in place of your rent payment to see how it feels when combined with your other expenses.
Once you have a solid idea of your maximum sale price, it's time to see what you can afford. As a Real Estate Agent, I can help search for you to see available listings in your area. I will help identify the types of properties that are in a price range you can afford.
You know what your life will look like in 10-20 years
Conventional wisdom states that, in order for it to make sense to buy a home, you should plan to live in it for at least the next five years. With forever homes, it’s a bit longer. Since these homes are often larger and more expensive, you need to stay in them longer in order to break even on the move. In this case, you're likely looking at a timeframe of at least ten years, maybe more.
To that end, ask yourself: Do you know what your life will look like in ten years? Can you see yourself still living in your current area? Is your employment situation fairly stable? If your answers to these questions are "yes," you're probably in a good place to invest in your forever home! Need Help deciding? Call me. I can provide you with all the information you need!
908 803-0472
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