Time to Move Up? Considerations when Buying a Larger Orange County Property
Do you need a larger Orange County property? For those who may need more room for a growing family, this is a good time to consider buying. The interest rates are still at an all-time low and the affordability of doing so may be at its best currently. In addition, the job market is beginning to show signs of improvement. If you have been considering moving up, look carefully at the following before going shopping for a larger Orange County property.
- When choosing larger Orange County property, you may have to move away from all the familiar things you have known. This may include family and friends or for children, changing school districts. Consider this carefully before making a move. The need for space can be a priority as the family structure changes.
- Do you have a job that is secure? The move may cost you more in taxes and mortgage payments. Buying a larger Orange County property should be considered if you have regular income and a minimum of eight months of backup funds.
- Keep in mind that a larger home means more energy use. Shopping for an Orange County property that is energy efficient including features such as a well-insulated home and one that has energy star appliances can help.
- Do you have enough equity in your present home to help on the costs of moving to a larger Orange County property? Get an appraisal and ensure that the equity you have built up in your current home is enough to cover the cost of a larger home. With the latest woes in the housing market, some neighborhoods have experienced more of a decline in home values than others.
- After checking into the local housing market, do you feel that you can comfortably move to a larger home? Will the values of property remain steady? The region in which you live will determine the rate at which the economy is recovering. If you feel confident that housing values will remain stable, this may be a good time to make the move. Ask your real estate agent any questions that may concern you when it comes to the local market.