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Moving Up: A Guide to Buying Your Next Home

Young family arriving back to their home

Are you thinking of moving out of your starter home and into a bigger property or a better neighborhood? You’ll find plenty of wonderful opportunities in the Fox Valley area. Before making the big leap, however, it’s best to ask yourself a few questions and look into important details that can greatly influence your decision.

  1. Should you buy a new house or sell your existing one first?

    The right strategy depends on several factors. If you live in a great downtown location or a hot market, you may be able to sell your home fast and with a great price. If the housing demand in your area is not that high, you may have to wait two to three months, or even more, before you can sell your house.

    On the other hand, if the area you want to move into is a hot one, you may need to buy a new home fast to have a shot at the top picks. But if you buy a home before you can sell your current one, consider if you can afford to pay two mortgages at the same time.

    Work with a real estate agent who can represent you as a buyer and as a seller. Miscella Real Estate provides this service to help clients plan strategically and have a smooth transition to their next home.

  2. How have your needs changed?

    What you need and prefer in your next home are likely different from what you were looking for in your first home. Consider how your life has changed and will change in the following years, and how these affect your needs when it comes to your home’s size, location, features, and others. Should you get a house with more rooms? Do you need to be closer to schools or your place of work? Should your home cater to different abilities?

  3. How can your new home improve your lifestyle?

    By now, you most likely have a good picture of the daily routine and lifestyle you want to have. Perhaps you want a home close to a park where you can spend the weekend with the family or walk your dog in the morning. Or perhaps, you want a larger, spa-like bathroom or your own gym so you won’t have to drive through traffic for your fitness needs. Or you might want to live in an area close to theaters, bars, and restaurants where you can unwind after a long day.

    In choosing your next home, you get the chance to have all or many of the creature comforts and lifestyle perks you’ve always dreamed of. This includes the property type, the location, the amenities, and other features that suit your preferences the most.

  4. How much new home can you afford?

    Your resources have likely grown, and you can now afford to move into a bigger and better home. Additionally, the profit you get from selling your current home can give your finances a substantial boost.

    With that said, it’s still important to crunch the numbers and make a realistic assessment of your current and future financial situation. Getting mortgage pre-approval can help you determine how much you can afford to pay for a new home. Additionally, consider how dependent you are in selling your current home first before purchasing a new one. Plan the financing carefully to avoid problems in the future.

Miscella Real Estate can help you find and get your dream move-up home. Contact them here or call 630-232-1570.

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