As a homeowner, there may come a time when your current home just isn’t what you need it to be. You might be able to update or add to your property, but that may not be enough to change the circumstances.
In some scenarios, buying a new place is the only viable option. But how do you know when you’ve hit that point?
Here are four situations in which you should consider whether a new place is the right choice.
- A Changing Household: Whether you’re having more children, inviting an older relative to move in, or becoming an empty nester, family changes may be a smart reason to buy a new place. At that point, you can choose a home that fits all of your needs.
- A New Job: Have you found a new job with a different commute? It might be time to consider buying a home closer to the office. Shortening your commute could make your days more productive and improve your overall quality of life.
- Changing Priorities: Urban, suburban, and rural communities offer different things. If you decide you want a slower-paced lifestyle, acreage to raise animals, or access to more businesses, moving homes may be necessary.
- Costly Renovations: If the updates your home needs are expensive — or if you’d need to take out a high-interest loan or use a credit card to pay for them — buying a new place might be a good move. Mortgage rates are typically much lower than rates on other loan types.
