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The answers to
these questions will help you decide:
1. How much
equity do you have in your home? Look at your annual mortgage
statement or call your lender to find out. Usually, you don't
build up much equity in the first few years of paying a
mortgage, but if you've owned your home for a number of years,
you may have significant unrealized gains.
2. Has your
income increased enough to cover the extra mortgage costs and
the costs of moving?
3.Is the
neighborhood still a good one for your needs? For example, if
you've had children, the quality of the schools may be more of a
concern now than when you first purchased.
4. Can you add on
or remodel? If you have a large yard, there might be room to
expand your home. If not, your options may be limited? Also, do
you want to undertake the headaches of remodeling yourself?
5. How is the
home market? If it's good, you may get top dollar for your home.
6. How are
interest rates? A low rate not only helps you buy more home, but
also makes it easier to find a buyer.
Reprinted
with permission from Real Estate Checklists and Systems,
www.realestatechecklists.com.
Reprinted
from Realtor(R)Magazine Online permission of the NATIONAL
ASSOCIATION OF REALTORS(R) Copyright 2005. All rights
reserved.
www.realtor.org/realtormag.
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