What Is My Home Worth, and How Much Will I Need for My Next Home?

Have you been daydreaming about your next home, but a big question keeps holding you back: What’s my current home worth, and will it be enough to get the home I really want? It’s a question that’s not just about numbers—it’s about turning your vision for the future into reality. Let’s break it down together.

Why This Matters: Understanding your home’s value and how it translates to your next move is the foundation of your plan. Without clarity, it’s easy to feel stuck in “what-ifs.” But with the right insights, you’ll feel confident taking the next step toward your dream home.

Here’s How to Get Started:

• Start with a Home Evaluation:

  • A professional home evaluation provides a clear picture of your property’s current market value. This includes analyzing recent sales of comparable homes in your neighborhood and evaluating key factors like your home’s condition, upgrades, and location. Our team offers free, no-obligation evaluations to help you get started.

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• Calculate Your Sale Proceeds:

  • Once you know your home’s value, it’s time to calculate your net proceeds. This means subtracting costs like your remaining mortgage balance, Realtor fees, legal fees, and closing costs. What you’re left with is the equity you can put toward your next home.

  Hack: Consider how timing affects your proceeds. For example, selling in a high-demand season or after key upgrades could boost your bottom line.

• Assess Your Next Home Budget:

  • Combine your sale proceeds with other financial resources (like savings or pre-approval amounts) to determine your purchasing power. A mortgage specialist can help you factor in all the details, from your desired down payment to ongoing monthly costs.

  • GET HELP:  Ask us for a list of great lenders and mortgage brokers who we know provide outstanding service.

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• Don’t Forget the Extras:

  • Budget for additional expenses like land transfer taxes, moving costs, and potential renovations. Being prepared means no surprises later.

  Hack: Many first-time sellers overlook land transfer taxes, which vary by location. Use an online calculator or consult your Realtor to get an accurate estimate.

• Work with Trusted Advisors:

  • Whether it’s evaluating your home’s worth or crunching the numbers for your next one, having a knowledgeable Realtor and mortgage advisor on your side is invaluable. We’ll help you see the big picture and make informed decisions every step of the way.

Let’s Make It Easy: At the Jim Stanton Team, we believe in clarity and confidence. That’s why we’re here to help you understand your current home’s value and how it empowers your next move. From evaluations to market insights, we’ll guide you through the process with ease.

Ready to take the first step? Reach out today for your free home evaluation, and let’s start planning your next chapter.

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