Move Up Buying and You
As your life changes over time, so do your housing needs. You may find that you are ready to upgrade to a home space more suited to your lifestyle and family. If you’re looking for excellent schools, a relaxed location, and family fun, you may be ready to move up in the Hill Country area! We can help you discover farm and ranch properties, land for sale, and adorable homes from Spring Branch to Bulverde, TX.
Whether you’re building a family, a house, or a business venture, the Hill Country offers an excellent environment to settle down long-term. With today’s affordable home prices and low mortgage rates, there has never been a better time to do so.
One of the advantages of being a move-up buyer is that if you sell your current home before you buy the new one, you can use a portion of the equity towards the purchase. This could be a huge benefit when it comes to the down payment. Instead of looking to your bank account for the down payment money, you can look to the net profit of your home.
But although moving up can be enticing, there are a few things we recommend you consider when making the decision:
“How much equity is in my home?”
To find out how much equity is in your home, you will need to find the value of your home and subtract the amount you owe. For example: You owe $90,000 on a home that you have owned for five years. You originally bought the home for $120,000 and the value has appreciated to $135,000. When you first bought the home, you put $20,000 down. In this case, your current equity would be $45,000.
“What is the market like in my area?”
The prices of Hill Country homes can widely vary within different parts of a city. Based on the housing prices in your area, your home may sell for significantly more or less than the price you originally paid. If you want to use the equity of your home for the down payment on a new home, it is wise to understand what the housing market is doing in your area of the Hill Country.
“How much will selling my home cost?”
In order to sell your home, you may need to invest in structural or cosmetic upgrades to make it appealing to buyers. Lakefront homes for sale may do additional landscaping, whereas country homes for sale may invest in a fresh coat of paint. Additionally, you will want to plan for real estate commissions, which can range from 4-6% of the selling price.
“What will the selling price of my home be?”
While there is no way to be certain how much your home will sell for, a Hill Country REALTOR® will be able to provide you with a market analysis of the selling prices of similar homes in your area. With this information, they can give you expert advice on how to price your own home. Whether assessing the value of a luxury neighborhood, acreage value, or proximity to downtown attractions, your knowledgeable REALTOR® will help you understand the details of the Hill Country real estate market. You will want to make sure your home is priced realistically so that it will sell faster!
Once you’ve decided that moving up is the right choice for you, you can find a Keller Williams REALTOR® to suit your needs. Along with our knowledgeable agents, access to technology, and excellent client support, we'll help make selling your current home and buying your next home an uncomplicated and rewarding process.
upgrades:Additional services offered by builders and other contractors to buyers in a new home that go beyond the minimal requirements for service.
mortgage:A contract that represents the debt owed by the borrower to the lender for the money borrowed to purchase a property.
equity:The difference between the value of a property and the amount still owed on the property.
access:The right to enter a land through public route; also may include entering the land from another private land.