Should I move up to a larger home is a question many Ludlow VT homeowners are asking. The questions below will help you decide whether you’re ready for a home that’s larger or in a more desirable location.
1. Have you built substantial equity in your current home?
If you have owned your Ludlow VT home for a number of years you might have built up some equity. Look at your annual mortgage statement or call your lender to determine your loan balance. Then give me a call to determine your home’s market value. The difference between your loan amount and market value is your equity.
2. Has your income or financial situation improved?
If your income has increased, you may be able to afford a higher mortgage payment.
3. Have you outgrown your neighborhood?
Often, the neighborhood or location you bought your first home in may no longer suit your needs. You may want to be closer to work, be in a better school district or have a home on a lake rather than close to it.
4. Are there reasons why you can’t remodel or add on?
Sometimes adding on to your current home is the answer. If you will end up over-improving for the neighborhood, moving may be a better option.
5. Are you comfortable moving in the current housing market?
In the current Ludlow VT real estate market, your home may not sell for what it would have a few years ago, but the home you buy will also be less expensive.
6. Are interest rates attractive?
A low rate not only helps you buy a larger home, but also makes it easier to find a buyer and interest rates are currently at record lows.
If you answer yes to most of the questions, it’s a sign that you may be ready to move. If so, please visit ISellVermontRealEstate.com to learn more about the Ludlow VT real estate market or give me a call. I’m glad to help!