While it may not be the easiest to pick up and move to a new, bigger home, sometimes it could be a good solution to consider when you and your family have outgrown your home. This recent Market Watch article by Brooke Niemeyer, shares 6 things to consider if your family has outgrown your home.
What will your commute to the office be like?
It’s important to think about what affect your move will impose on your commute to work. Wacksman recommends asking yourself how long you are willing to spend on your commute and if there are good public transportation alternatives you can consider. In addition to how long you’ll spend going to and from the office, you may want to think about the cost of your commute and see if it fits into your budget.
What will your budget allow?
Your commute may cost more or less, depending on where it is in relation to the office, but that’s not your only expense. Of course, if you’re looking for a new home to accommodate your growing family, it’s likely going to cost you more money. Review your budget — including what bills and loans you have to pay — and get an idea of what you have left to pay for a new home. To help, you can use this tool to discover how much house you may really be able to afford.
How’s your credit?
Your credit is a determining factor in what mortgage you get, including the interest rate terms and additional charges that may accompany your home loan. It’s a good idea to look at your credit before you apply for a mortgage so you have an idea of where you stand and if you should do any work to improve your credit before applying so you can get better terms and conditions. You can get a copy of your free annual credit reports from each of the major credit bureaus — Equifax EFX, +0.37% , Experian EXPN, -0.85% and TransUnion — by visiting AnnualCreditReport.com. You can also see two of your credit scores for free, updated each month, on Credit.com.
What new amenities do you need?
As you consider your home upgrade, decide what the ideal scenario looks like and what the absolute essentials are. “From additional bedrooms or bathrooms, to a larger yard or kitchen for entertaining, make sure to have a list of what features you and your family need most,” Wacksman said.
[Read the full article here]
