Should You Move or Remodel?
Posted on | September 9, 2010 | No Comments
If you already own a home, and are making mortgage payments you may be tempted to “upgrade” or move into a different neighborhood. Before making the major decision to buy another home, and reinvest in another mortgage it’s important to know what to expect. Adjusting your mortgage could mean higher interest rates, and you should expect to be paying your mortgage off longer.
For some homeowners, it makes more sense to remodel their homes. Avoiding extra closing costs, lender fees and other home buying expenses saves many existing homeowners money. If you’re already paying off a mortgage at a moderate interest rate, decide if it’s reasonably cost effective to adjust your mortgage to buy a new house, or if it’s more cost conscious for you to stay in your home. On the other hand, if your family is growing and you need more space in your home, talk with your mortgage lender about your best options for upgrading your home. Outweigh the costs of moving and buying a new home, to remodeling and make the best decision for you.
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