Tips for Move Up Homebuyers
- November 3, 2014
When you bought your first home, your choice most likely evolved from a combination of careful, planned searching and the excitement that comes with significantly investing in your future. A few years later, with a promotion or two adding weight to your wallet and a couple of kids running around, your house seems to shrink. While the square footage certainly remains the same, the house that accommodated your lifestyle years ago no longer allows for the lifestyle you’ve grown into. Consider the following tips when you find yourself ready to move on up.
- Evaluate your current home. Just as there are reasons for your wanting to move, there are reasons you chose your home in the first place. Before you begin your search for a new home, honestly evaluate the pros and cons of your current home. Is the kitchen too small to accommodate the cooking you plan to do for your family? Is there a dining room to allow for the holidays you will be hosting? Are there enough bedrooms for your children, and do they have adequate room to grow? How did you feel about the floor plan? The answers to these questions will guide your move-up search. You’re now a seasoned buyer, with home ownership experience, which will help you navigate the market and find a more customized, new home that meets your family’s specific demands.
- Consider your finances. While your lifestyle may be demanding additional space, review your finances to be sure your lifestyle can afford the higher economic demand. How much of a down payment can you make up front? How much more of a mortgage payment can you comfortably manage? Be sure to take into account all of your monthly expenses and financial commitments to give yourself an accurate picture of the amount you can afford for you next home. Don’t let excitement cloud your perception.
- Anticipate your future needs. When making the decision to move up, think about your future in advance to ensure you choose a home that cultivates your family’s growth. Your children may be young now, but when thinking about bedrooms and bathrooms, anticipate their middle and high school years. Imagine what your family will both need and want in the future, and move into a home that can accommodate future lifestyle changes. Anticipate the space you’ll need, the amenities you’ll want, and the layout that will suit your family best. You are likely to own your new home for a long time, so it’s just as important to weigh your future needs alongside your current ones.
Making the decision to move up is exciting, as it paves the way for you to find a more customized space that directly reflects your family’s specific needs. Beginning the home buying process again can certainly be overwhelming at first, but as a seasoned buyer, you’ll find confidence and use the tools you’ve gained from past buying experiences. These tools will help guide you to the perfect new house you and your family can call home.
Robert Adinolfi is the Chief Operations Officer of Renaissance Properties, a New Jersey centered, multi-faceted luxury residential and commercial real estate development firm. For more information about Renaissance Properties, please visit renaissanceprop.com or find them on Facebook at facebook.com/renaissancepropertiesinc.