Home: Should I Stay Or Should I Go?


Are you trying to decide between staying in your current home or moving into a new one? You are not alone. Whether you’re looking to get out of cramped spaces or we want to be in a different location, the choice isn’t always easy. Sometimes, moving is the right answer, while others it’s staying in your current space that’s the best option.


When Moving Makes The Most Sense


Moving is a smart choice for many life circumstances. A few of these include if you are getting married and blending existing families. You would not, for example, want to push stepsiblings into a situation where they had to share a bedroom. Similarly, if you are having a new baby, their older sibling may need a bedroom of their own. Talk to your North Texas Top Team agent today for more information on current selling prices in your preferred community.


Another attractive reason to move is if you prefer to be in a higher-performing school district. While all public schools monitor teacher qualifications and are obligated to provide certain services, such as academic assistance and reduced lunches, no two districts are alike. Schools and higher-earning areas are more likely to have specialized classes, such as robotics or culinary arts, than those in impoverished neighborhoods.


If you need more space, you may have already considered adding a room. However, when you consider that in addition can easily cost $80,000 or more, according to Ownerly, it’s easy to see that moving may be the most economically feasible option. This is especially true if interest rates are lower now than your current mortgage, which helps you keep your monthly payment down.


If you have yet to look at loans and repayment terms, there is never a bad time to do your research. And, if you happen to be a veteran, you may find that you qualify for VA loans that can help you afford more home with a lower down payment. Guaranteed Rate explains that veterans may enjoy no down payment loans with better terms (lower interest and APR) than traditional financing. Do keep in mind, however, that a VA loan is only good for primary residences.


Stay Put For Now


Staying in your current home isn’t always a bad idea. This is especially true if the local market is inflated and if you only require minor modifications to make your home comfortably livable. A few examples of these types of upgrades include new paint, flooring, or kitchen appliances.


For those with poor credit, trying to get a home loan might not be wise. This is because lenders base mortgage rates partly on credit score, which Experien explains is typically considered good from the high 600s and up. For the best possible rate, you’ll want an excellent credit rating, which, depending on the type of credit score your lender uses, starts at around 781.


When your goal is to build equity, it’s much easier to do that in a home you already own. The exception here is if you are moving to a smaller house and have enough equity to cover the vast majority of your new mortgage.


Making the choice to move means considering many factors. Sometimes, the decision is easy, such as when you’re expanding your family or need a better school district. However, you may not want to count out staying in your current home temporarily while you work on your credit or make small modifications that will help you resell value later on while improving your current quality of life.

Are you looking for a realtor? North Texas Top Team has more than a dozen professional agents to choose from. Call 469.759.3899 today and get matched to the right agent for you.


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