Moving Home?
When it is time to move on there are lots of options for you. Can you borrow more money? Are you tied into a fixed deal and what does that mean for you? What costs are involved with moving?
Porting your deal
Thinking of porting your mortgage? Here's why it might be a smart move. You've locked in a great interest rate, and you want to keep it when moving homes. Porting means you carry your current mortgage deal over to your new place, avoiding early repayment charges or hunting for a new loan. It's about keeping the good stuff, even when you're on the move!
Thinking Bigger? What to Consider When Upsizing Your Home
Affordability: Can you comfortably afford a larger mortgage, higher utility bills, and increased property taxes? A bigger space might also mean higher maintenance costs.
Reason for Upsizing: Are you expanding your family, needing a home office, or wanting more outdoor space? Define clear reasons to ensure the move aligns with long-term goals.
Resale Value: Even if you plan to stay long-term, think about the home's potential resale value. Is the property in an area likely to appreciate over time?
Location: Are you open to relocating for more space? Sometimes, moving slightly further from city centers can get you more square footage for your money.
Future Needs: Try to anticipate changes in the next 5-10 years. For instance, will you need close proximity to good schools or public transportation?
Maintenance and Upkeep: A larger home often demands more time and money for maintenance. Think about lawn care, cleaning, and potential repairs.
Financing the Move: Consider if you'll be using equity from your current home to fund the move and if you'll need a new or ported mortgage.
Emotional Factors: While having more space can be wonderful, ensure you're also mentally prepared for the change. There's an emotional side to leaving a home full of memories.
Current Market Conditions: Is it a buyer's or seller's market? This will affect both the sale of your current property and the purchase of the new one.
Long-term Commitment: A bigger house is a significant commitment. Ensure you're ready for the responsibility it brings, both financially and in terms of upkeep.