How do you know when its time for a new home?

A common question people have is; when should I buy a new home? This is a great question, but the answer really depends on you, your needs, wants, circumstances and goals.

Below are some of the ways you may know it’s time to consider moving into a new home.

 

Changes in your Life: Exciting changes to one’s life such as getting married, having children, moving to a new city, starting a new job, moving in with a partner or downsizing may mean that your current residence no longer fits into your life. It may also mean that it is the perfect time to find a new home.

Rent vs Own: With the continued rising costs of renting a living space, owning a home has never been more appealing. In many cases, monthly mortgage payments are comparable to monthly rent payments. Owning your home allows you to build equity, plan and work towards any long-term goals you may have for yourself and others.

Stability: If your life is in a stable place from the perspective of finances, emotions, and family and you feel comfortable with current market conditions, you may be ready to start the next chapter of your life and choose your new home.

Time to Invest: A new home is a great opportunity to invest in your future. If you are comfortable in your current home but are looking for a long-term investment, buying a new home as an income-producing property is a great option for many.

Do you have a down payment: If you’ve made the decision to save up a down payment, you’re likely ready to take the leap into homeownership and move into a new home.

 

If you’re uncertain about if buying a new home is the right step for you, consulting with a real estate agent, financial advisor, or mortgage lender can provide some great feedback into if it’s the right time for you to make the move.

Buying a new home is exhilarating and a big milestone in one’s life. Take the time to evaluate your options, needs and wants before making a move.