Why is it a good time to move to a bigger house?
Improves the Level of Comfort
For many Americans, bigger is better, and buying a larger home is a standard part of their American dream. Buying a spacious home often signals financial progress. It also can improve your level of comfort, especially when you intend to add more family members to live there.
Upgrading to a larger home is a good idea when market conditions favor buyers. Taking advantage of a housing slump, in which home prices experience a sharp decline, allows you to get more houses for your money, assuming you can obtain the financing and compete with other eager buyers. You also have more opportunities to negotiate better prices with sellers. Buying a bigger house when interest rates are low is also a good idea because lower rates mean smaller monthly payments and more purchasing power.
Pandemic reveals we need more space. A bigger house with office space, learning space, and plenty of sound-proof walls probably sounds ideal. Aside from extra learning space, many families are realizing they simply need more breathing room in their houses.
Upgrading with the help of Prop 19.
If you are in California and 55 older, you will be able to blend the taxable value of your old home with the value of a new, more expensive home you purchase. You can do this three times in your lifetime, and you have two years to transfer your low property tax.
Prop 19 is a big help for grandparents wanting to relocate closer to their kids and for couples wanting to upgrade to their dream home for retirement.
Also, moving to a bigger house open up space for younger families to buy homes.
Are you ready to move? Call your favorite realtor and know more about things you should consider.