If you are currently living in your starter home and you have been considering moving to get more space, you want to contact a realtor. If you are interested in maybe keeping your house as a rental property, there are a lot of questions the real estate agent can answer for you. The agent isn't just going to guide you with selling your current home, but finding your new home. Here are a few things you'll want ask.
How Much is the Starter Home Worth to Rent or Sell?
What could you get for your current home if you wanted to sell it outright and get rid of it? How much monthly rent could you get? If you are able to rent it for enough money to cover the mortgage, it may be worth keeping the property and having the extra income.
This is also ideal if you can't sell the house for as much as you bought it because of the market. If you can make some fast money to use towards your new house by selling it, and now is a great time to sell, the agent can help you list the property.
What is the Best Area to Buy In?
Before you make the decision to buy a house again make sure that you choose an area that is on the rise, with good schools and where the economy is growing. This is the best way to make a good real estate investment, instead of purchasing a home in an area where the property will depreciate quickly. A home is a great financial investment if you purchase in the right area at the right time.
What Can You Show Me in My Budget
Get a preapproval from your lender to see what your budget will be for the second house. They may require that you sell the first property before giving you another loan. If you are married or have two people living together, it may be easier to get a loan if each property is in a different person's name. Once you have your budget have an agent show you what your options are, and you can start walking through the properties.
If you are ready to buy a bigger and nicer house but you aren't sure what to do with the home you have now, talk with a realtor to see which option will be the most popular. A real estate agent knows best and can help you find your dream home while profiting off your current property.