When Refinancing Makes Sense, and When it Doesn’t

If you are thinking about selling your old home and building a new home, but aren’t sure if doing so is the right choice for you at this stage in life, consider this list of reasons to say goodbye to your current abode.

1. You’re Looking to Expand
If you’re expanding your family, your current home may not be large enough to provide adequate space for you, your significant other and any children you may have. Expansion may also be necessary if you wish to add a guest bedroom, entertainment room or mother-in-law suite.

2. Mortgage Rates Are Still Low
Unless you’re planning on buying your new home in cash, understanding mortgage rates and how these rates may affect you is important. Currently, the average fixed mortgage rate for a 30-year loan is just above four percent.

3. Your Floor Plan Is Outdated
If you have an older home, you probably have an outdated floor plan that doesn’t make sense for your style or your stage in life. Common complaints include entry living rooms that hardly ever get used, cramped kitchen space and narrow halls and stairways. Open layouts – which were not popular more than a decade ago – are all the rage today.

4. Maintenance Will Cost You
If you have an older home, performing maintenance on that home may cost you a significant sum over the years. From plumbing to roofing fixes, new floors to new paint, buying a new home that’s up-to-date and low maintenance will last for years to come may save you time, money and stress.

5. Move Locations
Tired of where you live? Sometimes we all just need a change. Building a new home allows you to purchase a lot – or even some acreage – in whatever location you choose!

6. It’s Time to Downsize
Just as some may need to upsize in order to create more space, others are looking to downsize. As you age, moving into a smaller home that requires less time and work to maintain may be ideal.

7. You Can Make a Profit
Depending upon where you live, the size, and the value of your home, you may very well make a profit by selling. By selling, you can leverage the equity that you have acquired in your current home, and put that towards a down payment on a new home and come away with a very manageable mortgage.

8. Demand Is High
It’s a great time to sell right now. The demand for buying homes is high in many areas of the country right now, meaning that if you want to sell, now may be the perfect opportunity to build a new home in Oregon, Washington or Idaho. More demand means higher home value when selling.

9. You Want to Upgrade
Tired of carpet? Sick of linoleum? Interested in smart home features and brand new appliances, floors, and countertops? If you’re ready for an upgrade, building a new home is where it’s at. Building a new home may be more cost-efficient than remodeling your current home.

10. Health or Age Dictates a Change
As you age, or if you develop any health conditions, you may need to move into a new home for a variety of reasons, ranging from proximity to hospitals or health centers to the ease of one-story living.

Why buy new?

These are just a few of the great reasons why it may be the perfect time to build a new Simplicity home. If you’re ready to build, our home building experts at Simplicity can help!