Do you know where you'll be in five to seven years?
Whether you're a first-time buyer, or are planning to trade up or down, the
amount you spend, type of mortgage you get, kind of house you select and
whether you move at all should depend on how long you expect to stay in your
new home.
Moving is time-consuming and costly: You've got the actual fees associated
with hiring a moving company or renting a U-haul truck plus the costs to get
an existing home ready for sale.
Settling in is tough, too. It isn't just a matter of arranging your
possessions. Even when the new home is in good shape, you'll want to paint,
wallpaper, refinish floors, and buy new furnishings. It all adds up.
The bottom line is this: If you're not going to stay in your new home at
least five to seven years, moving may cost more than it's worth.
Try to look into the future as best as possible. You can't plan for
everything: It's hard to know what kind of job, lifestyle, or personal
changes will force you to change your plans. Will you have children? Will
you work from home? Will your children move out soon for college or for their
own homes?
And if you're somewhat ambivalent or uncertain, you may be better off
staying put, paying rent or making cosmetic changes to your existing home. For not
that much money, you can add new pulls on drawer fronts, paint a room a
fresh color or buy inexpensive area rugs that you can take with you when you
eventually move.
If, however, the odds are greater that you'll stay for a while in your new
home, go ahead. Let the search begin.
Before you pack up your belongings, ask yourself the following questions to be sure your efforts are worthwhile:
Why do you really want to move? Is it for a bigger house, a newer house, a smaller house?
How much will the move cost in terms of hiring a company, fixing up your current home and selling it?
What is available on the market? And, how much will the new house cost in terms of increased mortgage, real estate taxes and maintenance costs?
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Do you know where you'll be in five to seven years?
Why do you really want to move? Is it for a bigger house, a newer house, a smaller house?
