How Long Should You Wait to Buy Another Home?
September 21, 2018
Homes are always a good thing to have, no matter if you have a family of your own or are single. But it can be very tempting to go out and purchase another one for a number of reasons.
Maybe you are looking to move to a new area, or would just like some more space for a growing family. Overall, there is no set timeline about how long you should stay in one spot before moving to another. It will all depend on your individual circumstances.
Still, it is important to mull over a number of aspects before making the switch to a new home.
What Should I Be Thinking About Before Moving?
The biggest aspect on your mind should be finances. It is important to consider how much you could sell your current house for, and how much money you could set aside to purchase another one, or at least be able to pay a mortgage.
It can be tempting to ‘live above your means’ and buy a home that stretches your finances, but bigger houses will come with additional expenses relating to heating, cooling, and general upkeep than smaller ones will.
Some people will have the financial resources to quickly buy another house, while others will be on a much longer timeline if they are trying to work out finances.
The amount of time before buying another home will also be heavily influenced by the market in your area. If you are looking to buy in a seller’s market, you might want to wait a little bit until things change so you could get a better deal. You will have to think about how important these types of factors are and if they are going to influence when you will buy another home.
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This is where a good real estate agent comes in, since they will have access to a wealth of experience and market data to give counsel about the optimal times to sell and buy.
Another important aspect when trying to decide when to buy another house is based upon the actual moving process. It can be very expensive to move a family far away, especially since you will have to find new jobs and schools for the kids. There is no set timeline on these types of decisions, as they all hinge on the individual circumstances related to you (or your family).
What Are Some Things to Watch Out For?
Even if you are looking to sell quickly and move somewhere else, there are a number of situations where you should probably wait to sell. For example, if you just moved to your current house, having to move again will probably stretch your budget. It would then be best to wait a little bit to save up some money for a move.
Additionally, do not be prompted to sell due to unfamiliarity with the area, especially if you just moved in. These types of feelings are usually temporary, and will go away once you get used to the surrounding area.
A situation where you are taking a loss or ‘breaking even’ on the sale of your current home is another factor that should encourage you to buy at a later date. These types of scenarios often make it harder to get financing on your next home, which can drastically affect your next buying experience.
Do you have a question about buying another home? Click here to contact the Ryan Grant Team today!
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Courtesy of Cuselleration