Life
rarely turns out the way we plan, and when a surprise comes along, it's usually
not an opportunity to simplify our lives. If you're one of the many
parents blessed with one more angel than you had planned for, you understand
just how such surprises can make the simplest things much more complicated.
Or maybe the innocent angel you've been raising has entered adolescence
and wants some space alone. Or maybe it's gone the other way for you:
You bought a house when prices were low and wages were tight, and now
that you have some equity and a higher income you'd like to bump up your
standard of living.
If any of
those scenarios sound familiar, it might be time to upsize your home. But is
expanding right for you?
Upsizing
is great ...
You
probably don't need anyone to tell you that a bigger house in a nicer
neighborhood would be fantastic. If you could get the kids out from under
your feet, you could go back to reading that book you never finished or start
that workout regimen you've been putting off, or whatever it is that makes you
want to plunk down your hard-earned money for a new home.
But there
are really strong arguments to be made for upsizing that might not be as
obvious. For example, you may not actually want more square footage.
One way to upsize without getting a giant house full of rooms you might
not need is to look into adding outdoors space. Some homes have gorgeous
patios, outdoor kitchens and even wood-burning outdoor pizza ovens!
Another
alternative to upsizing your space is to move into the home of the future.
That Cape Cod or Queen Anne you're in right now might be beautiful, but
is it built for the 21st century? Are the speakers built into the walls?
Is it set up for home automation? Or does it have that one bizarre
room with no outlets, like some mid-century houses in the Midwest? For
some people, particularly those with a home business, it can even be worth
paying more every month if doing so moves you to a neighborhood with faster
Internet.
Baby
Boomers have been upsizing their homes at a surprising rate, often moving into
larger homes for retirement. Usually, people move into larger homes because
they want the space and retirees presumably have an empty nest. Moreover,
as we get older, it can be harder to lug a vacuum up the stairs or commit to
mowing an enormous lawn every weekend. But Boomers have learned the value
of luring others over, often choosing houses on artificial lakes or in gated
communities with kid-friendly amenities. Suddenly, the big house is a
blessing, because there's room for everyone at Thanksgiving! If you're
wanting to cut down on your travel time or increase your hosting duties at
social events, a bigger house might be just the ticket.
...
But maybe not?
You've
been through this before, when you bought your current place. Buying a home is
a little tedious and a lot expensive. As you're looking back on it, you might
wonder why you'd ever go through that process again when it might be easier
just to ask one of the kids to sleep in a tent out back or put up guests in a
nearby hotel.
The
good news is that it's not going to be that difficult this time. You know
what you're doing and you should have fewer surprises. You've got the
down payment set up through the equity in your current home. And if
you're already financing through [credit union], a new loan approval will be
fairly quick and easy.
What
about right now?
If you're
considering the idea of upsizing your home, now's the time for action.
The dollar is gaining steam and plenty of economists are predicting we're
likely to see interest rates go up at some point this fall. If you can
get in before then, you'll save some real cash in the long run.
It's
also a good idea to act now because you can catch both sides of the housing
recovery. If your home has regained its value, but you know a
neighborhood that hasn't gotten back to full value yet, you can make a shrewd
investment to get a bigger, nicer house in the other neighborhood and wait
until that new home gets to the value it should have been selling at all along.
Right now, you've got a great buy low, sell high opportunity.
If you're
ready, or you think you might be ready to think about being ready to upsize
your home, give us a call. Now through October 31, 2015, Pen Air wants to help make your dream a reality. We're ready to help you take the
next step toward becoming a homeowner with up to $500 towards closing costs1
and we’ll also pay up to $500 of the appraisal
fee2.
If you don't
know if you can afford to upsize, give us a call anyway. Our home loan
specialists can help you figure out if upsizing is the way to go, help you
build a budget, or show you our construction and remodeling loans if you're
looking to upgrade your new home before you move in.
Call
850.505.3200 x 8360 or visit penair.org/Mortgage
to get started.
Sources:
http://www.fool.com/retirement/general/2015/04/21/an-audacious-retirement-goal-upsize-your-home.aspx
©
2015 Pen Air Federal Credit Union. NMLS# 413053. Minimum qualifying loan amount
is $50,000. Offer for a limited time and is subject to change. 1$500
will be applied towards closing costs only and cannot be used toward down
payment or receive cash back from this offer. 2Pen Air will pay the
appraisal fee with a maximum amount of $500. Offer valid on fixed rate mortgage
loans up to a 15 year term or any adjustable rate mortgage loan with up to a 30
year term. Payment Example: A 15 yr. loan at 3.568%
APR will result in payments of $71.82 per $10,000 borrowed and if applicable
APR will vary based on individual creditworthiness. Payment Example: A 30 yr.
adjustable rate loan at 4.236% APR will result in payments of $49.11 per
$10,000 borrowed and if applicable APR will vary based on individual
creditworthiness. All loans subject to credit approval. Other conditions and
restrictions may apply. Cannot be combined with any other offer. Call toll-free
1.877.4PENAIR for additional details.
No comments:
Post a Comment