Your first home will always hold a special place in your heart-your starter home, which you scrimped and saved to buy. There comes a time when you can move on and sell your starter home, as with most things in life, though. But how do you know if now is the time? You need to read the signs if you’ve been thinking about selling your Dallas Fort Worth starter home and upgrading, otherwise you might be making a big mistake. Here are five signs that it’s time to sell your starter home and look for a bigger Dallas Fort Worth home.
1. Your and/or Your Family’s Needs Are Different
One sure sign is that when your needs shift, it’s to sell your starter home and look for a bigger home in Dallas Fort Worth. This means a growing family most often, but it may also be a change in financial circumstances or other factors in the lifestyle.
“If you find yourself in this situation, you might need to sell your starter home and look for a bigger home in Dallas Fort Worth” You bought a two-bedroom starter home five years ago when you were single and dating. You’re married now and have two kids. While you could have your three-year-old and newborn theoretically share a bed, it feels a little cramped. You’d rather have a third bedroom (and a fourth for visitors, perhaps).
Or maybe you had enough bedrooms for you and your children, but now you and your spouse are working mostly from home. You probably had to turn a bedroom into a dedicated home office in this case, so now you’re short of a bedroom. Selling your Dallas Fort Worth home and upgrading to a larger one with more bedrooms could be the only good option, then.
2. You Can Actually Afford It
Another of the best signals that it’s time to sell your starter home is when you can afford it comfortably. Maybe your income has dramatically improved, or maybe you have gone from a single-income household to a dual-income household. In either case, selling and purchasing a larger Dallas Fort Worth home might be a smart decision. It would be both prudent and justified to do so.
But make sure that your budget is comfortable, not just an impulse transfer. You will need to take more than just the larger mortgage payments into account. Both property taxes and premiums (among other things) for homeowners would go up. To find out about these costs as well as all the other expenses associated with an upgrade, be sure to consult your Dallas Fort Worth representative.
3. The Home Has Appreciated or Needs Major Upgrades and/or Repairs
If your property has appreciated dramatically, that is always an indicator that in Dallas Fort Worth you can selly our starter home and search for a larger home. While getting is fine, there is something to be said about selling. If you happen to buy in a very nice neighborhood that has been greatly enjoyed since your purchase, selling the Dallas Fort Worth home and capitalizing on your good fortune might be wise. It is then possible to bring this equity into another home purchase.
Or it might be time to sell if your starter home needs significant improvements and/or repairs. Selling can make the most financial sense if you’re looking at putting in a new HVAC unit or repairing the roof. You are probably better off selling in this case than pouring tens of thousands of dollars into those improvements and repairs.
4. You Want to Build Wealth
A sign that it’s time to sell could be the fact that you’re ready to start creating more money. You will start building wealth if you sell your starter home and buy a larger home in Dallas Fort Worth.
Next, you will be able to begin building equity in the more valuable home when you move to a bigger and better home. Additionally, the equity increases as the home appreciates.
And if you can swing it, you can even keep your starter home and rent it out if your debt-to – income ratio allows. To help you create wealth, this will provide you with another income source. One of the top ways of building wealth is passive, recurring profits.
5. The Market Conditions Are Favorable
Lastly, when market conditions are favorable, you can sell your starter home. Suppose that interest rates are low, for instance, and that the local market is hot. Selling a starter home makes a lot of sense in that situation.
So, is it time to sell your starter home and hunt for a bigger Dallas Fort Worth home? Only you can make the decision, but a lot of useful advice can be offered by your Dallas Fort Worth real estate agent. As well as the extra costs and if the new home will really suit your needs, the local agent will know exactly what’s going on in the local market. Don’t make a mistake. Today, contact one of our professional officers.