Signs It’s Time to Buy a New House
November 21, 2021
Over the past two years roughly, people have had a lot of time to spend in their homes, thinking about what they like and what they don’t like. For many, they’re happy overall with their homes, having had flex rooms and other spaces that allowed them to accommodate changes. However, for many, it became clear that it was time to start looking for new homes in Columbus GA. If you find yourself wavering, here are some signs that it really is time to buy a new home.
One issue to consider is whether you need a bigger or smaller home. If you’re a family living together, you may need more space to allow for home offices, places to study in peace, not to mention areas where you can have a video meeting, class, or conference where you won’t be interrupted. On the other hand, if you’re an empty nester or have lost a partner and find yourself on your own, you may find that your home is larger than you want, and requires more upkeep than you want to spend the time and money on maintaining. Right now, you can probably sell for a good price, but you may well have to pay a higher price for a new home, regardless of size. If you are in the situation where you can keep your existing home and still purchase a new one, it may be worth the effort to turn it into a rental property if that’s something you can manage or can afford to hire someone to manage. It can be a great source of steady income.
Speaking of buying at a higher price, as it’s a seller’s market, that means most homes are going to be more expensive these days. If you’re looking to purchase a new home, make sure you’re in a category where you can qualify for a low interest rate. A highly qualified buyer can take advantage of the low interest rates that have been around for a while now, hovering around 2.8% these days. Getting that rate can make a big difference in how much home you can afford. The higher the interest rate, the higher your monthly payments, and those can soon price you out of the market.
If you’re feeling the need to move, definitely do your best to get your credit and financial situation into an excellent spot and try to save as much for a downpayment as possible. You also may be able to qualify for an FHA loan, which gets you a good interest rate with a much smaller downpayment. Do your research to learn your options.
If you’re in an older home and find yourself constantly having to make repairs, it may be time to look for a newer or brand new home to save money on those constant, yet unexpected, costs. If you’re spending more than 30% of your income on housing, you’re house poor and it’s in your best interests to find a home in better repair and at a lower price — potentially under warranty — helping you recoup some of those losses and sleep better at night without worrying about the next costly repair.
There are a number of reasons to find yourself deciding to buy a new home. From wanting to be closer to family to needing more space if you’re now working from home full time, or perhaps your family has grown and you want better schools. No matter what your reason, it comes down to your priorities. Think about what is best for you, your family, and your wallet, and start looking at homes in Columbus GA. We have a variety of homes in various communities that could be the perfect size, cost, style, and location for you, so contact us today to help you find the right home once you’ve realized it’s definitely time for a move.Tags: new homes columbus, new homes columbus ga, new homes georgia
This post was written by Rose Anne Erickson