Like many of us you probably have some issues with your current home. It could simply be that it is getting old and the upkeep and maintenance are beginning to take their toll, both on your time and finances; or, for some homeowners, their house begins to feel smaller and smaller as their family grows. Others dream of getting the amenities that they have always wanted as their careers and finances mature. Whatever situation you find yourself in, there are many ways you can turn your next move into a major upgrade.
Refinance to Secure a Rental Property
If growing your wealth and earning passive income sounds like an upgrade to you, then you could turn your current home into a rental property and upgrade to a better house. You may have built up more equity in your home than you think since the value of homes has been steadily rising for more than a decade. Work with lenders to refinance your home at a low interest rate, while at the same time pulling out enough equity to use as a down payment on your new home. Low interest rates mean that the rent you make on the old property will cover the mortgage, while you enjoy your new dream home at the same or possibly lower monthly rate. This is a win-win situation!
Use Your Equity
You could be sitting on top of a fortune, even if your current home is years away from being paid off. By selling while the market is good you can use the left-over equity to put a down payment on the bigger, nicer, newer, and more expensive home that you have been daydreaming about. If an upgrade for you means more spending money for vacations, then put down a big enough down payment on a reasonable new home to lower you mortgage. That could leave you thousands of dollars each year to spend on exotic holidays.
Get a Fixer Upper
If you are handy with home repairs and renovations, then a fixer upper could make the perfect investment for you. You can buy a home that is in disrepair for way under market value.
Depending on your skill level you could own a mansion for the same cost as an average home. Just make sure it has a solid frame and foundation, plus the number of rooms and bathrooms you require. Additions don’t add much value to the overall resale price of a home, so purchase one that fits your needs rather than expanding.
Think of the home as a blank slate which allows you to add all the styles, features, and amenities you want. It is the most affordable way to get a home that is just the way you want it without having to compromise like you would with most homes on the market. Once you have completed the renovations on the home, it will be everything you dreamed about, but for a fraction of the cost.
Sell to an All-Cash Buyer
You may not be aware, but you can get a great deal for your home without all the hassle of selling it on the open market. If your home needs even a moderate amount of work before it is ready to sell, then an all-cash buyer can get you the best deal. Rather than spending all your money on repairs, maintenance, upgrades, sales and marketing materials, as well as high fees from real estate agents, you could get straight to the point and use the cash for the purchase of your new home.
It’s all about stretching the equity you have in your current home to its max. In order for you to turn your next move into an upgrade, your house will need to be in pristine condition and ready to sell – This is where the all-cash buyer can help maximize your equity so you can get into that new home you want.
If you want to upgrade with your next move, but are afraid that your house is falling into disrepair, then sell to an all-cash buyer. We are Gulf State Homebuyers and we buy homes in the areas of Houston and Baytown, Texas. We will purchase your home as-is and can close in a little as five days. We even buy homes that have been damaged from floods, fires, and other natural disasters. Contact us today to schedule a free, no-obligation appraisal and get ready to upgrade.