Thinking of a Home Upgrade? Read This First!
Upgrade now? Interest rates are holding at historically low levels and home prices are on the turn, so it makes sense for existing homeowners to consider a home upgrade right now – if they can afford to do so.
However, says Berry Everitt, MD of the Chas Everitt International property group , just like buying a home, selling a home often comes with unexpected or “hidden” costs, so you need to do your homework properly before you leap at the idea of moving to a bigger property or a more upmarket area.
Writing in the Property Signposts newsletter, he suggests that you first do the following:
Get home loan pre-approval for your new purchase. Consult a mortgage originator and find out if you will qualify for a new home loan, and if so, for how much. If you have not bought or sold a property for some time things are bound to be different from what you expected and you certainly don’t want to sign an agreement to sell your home before you know if you qualify to buy another.
21 Jun 2013
Author Barry Davies