If your petite townhome with a barely-there backyard isn’t cutting it for your growing family, you’re not alone! Here’s how to easily make the jump into your single-family “forever” home:
1. It just might be more affordable than you think. Mortgage rates are hovering near historic lows, and (depending on when you purchased your last home) you may save big each month on the interest alone. Plus, you may keep a couple hundred dollars extra in your pocket each month if you’re moving from a townhome with homeowners’ association (HOA) fees into a single-family home on a quiet street. Calculate the dollars and cents of a “move-up” home by using EveryHome’s convenient Closing Cost Calculator — we’ll even factor in real estate taxes and homeowner’s insurance!
(And of course, don’t forget that EveryHome PAYS YOU to buy a home by giving back a portion of our commission!)
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2. Consider location. If you’re interested in changing neighborhoods and ready to trade in your trendy, walkable town for a peaceful, convenient suburb, you’re likely to get more bang for your buck! For example, a larger single-family home in Towamencin, Kimberton, or Bedminster is typically more affordable than a similar home in Media, Ardmore, or Doylestown Borough. Plus, many of the school districts in these quieter communities are award-winning (think Palisades, Owen J. Roberts, and Souderton Area School Districts).
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3. Can’t sell your current home? Don’t worry! It’s not uncommon for homeowners to be underwater on their current home — in other words, they owe more than their home is currently worth. The good news is that renting it out has become a feasible option for many buyers, as the recent change in mortgage rules now allows buyers to use 75% of the rental income as income towards their next property! (Learn more here)