In deciding whether or not it makes sense to stay in your current home or move, there are a lot of things to consider, in terms of both finances and quality of life, in making this decision that go far beyond the question of purchase price of the new home and equity in your current home.
Financial considerations: Assess the annual cost of the following items where you are currently and where you might move:
- Property Taxes
- Homeowner’s (including flood insurance)
- Utilities (air conditioning, heat, electric, well water, public water, septic/sewer, etc.)
- Exterior Maintenance (snow, leaves, grass, gutters, roof, paint, deck, driveway, etc.)
- Interior Maintenance (painting, cleaning, etc)
Quality of Life Considerations: Do you do any of the maintenance items yourself? How much time does this take you now versus a home where you might move? Additionally, would a different home give you more or less of the following emotional factors that might be important to you or members of your household: sense of community, privacy, proximity to friends and/or family?
Purchase money mortgages are at historically-low rates right now, and there are still a broad range of programs available to buyers who want to take advantage of these low rates. To discuss you housing options on a personal, human level with a professional, analytical foundation, contact Leaf, Realtors® at 908-975-9756.