Does Moving Up Make Sense?

Answer these questions to help you decide whether moving up makes sense.

1. How much equity do you have in your home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of paying a mortgage, but if you’ve owned your home for a number of years, you may have significant unrealized gains.
2. Has your income increased enough to cover the extra mortgage costs and the costs of moving?
3. Does your neighborhood still meet your needs? For example, if you’ve had children, the quality of the schools may be more of a concern now than when you first purchased.
4. Can you add on or remodel? If you have a large yard, there might be room to expand your home. If not, your options may be limited. Also, do you want to undertake the headaches of remodeling?
5. How is the home market? If it’s good, you may get top dollar for your home.
6. How are interest rates? A low rate not only helps you buy more home, but also makes it easier to find a buyer.

6216 LODEWYCK ST Detroit Price: $20000 Short Sale! Offer already up to the bank. Beautiful home, well maintained. Owners must be present for all showings, after 6pm only please.

7627 N INKSTER RD WESTLAND Price: $24900 LIVONIA SCHOOLS! Easy Access to Expressways! Large Rooms and neutral colors throughout. Just a few touches needed to make it your own! All new in early 2000-furnace, windows, steel doors, copper plumbing, breakers, roof tear off and remodeled bath with shower and tub. Nice Yard Too-Fully Fenced with 2 1/2 car detached garage. All offers and commissions are subject to 3rd party approval, short sale, cooperative Seller. Make an Offer!!