All good things must come to an end – including your residence at your first condo. Situations change, needs that were once met may become unfulfilled, or maybe you’ve outgrown your unit and it’s time to make a change. Whatever the case may be, if it’s time to move out of your condo and move into larger, roomier spaces (with land you can call your own to boot) then you should consider a townhome. Is it right for you? Find out for yourself below.
Is now the time?
When deciding to ‘move up’ out of your current living arrangement and into something better, it’s vital to know if now the best time to make the move. Timing is half the battle when taking a chance and making a move, so be sure that now is indeed the time to do so. Upgrading from a condo to a townhome is no different, and even though the idea of owning your own land and living in a larger space does seem tempting, be smart about it; namely, ensure you can afford to make such a big move.
Do you have the funds to move laterally?
Moving from a condo to a townhome in a neighbourhood that’s just as nice as your current is downright expensive. Even the process of selling can be expensive, so be sure that moving into a townhome isn’t going to break the bank and cause you to spiral into serious financial debt. Consider choosing a neighbourhood that’s less sought after when selling your condo – this will provide you with extra cash and then some to help you settle much more easily in your new townhome. Then again, you know what you like; buying a townhome isn’t exactly a choice you want to settle on, either. If you want to stay or move to a similar neighbourhood yet the move is proving to be too costly, consider dipping.
Dipping into equity
Your condo’s equity was made for situations just like this. If you’ve owned your condo for only a few years, you have probably seen the property value rise over time. As you pay off your mortgage and the property value rises, the difference is your equity – and you can borrow a portion of it against your home. Potentially, this could give you enough cash-on-hand to laterally move from a condo to a townhome with relative ease. It could also provide you with enough cash to use as a down payment. The point of the matter is that equity can be used for whatever you feel like – just be sure to use it wisely.
What do you need to sell your condo ASAP?
Have you decided that now is the perfect time to sell your condo and trade it for a townhome? Then we want to speak with you. Please contact our team of professionals at Dunpar Homes today, and let us walk you through the process of moving up from that condo you’ve outgrown to a spacious townhome you’ll be pleased to call, ‘home,’ for years to come!