Making the decision to sell your home can be exhilarating or anguishing. Where you live is a combination of finances, employment, lifestyle and family goals.
Any one of these things can change requiring you to move.
In Greater Toronto’s current hot resale market, the time may be right to cash out the equity of your current home and move to a quieter neighbourhood. Maybe even to a larger home with a smaller mortgage.
We have recently seen gains in resale home prices that haven’t been seen in the Greater Toronto Area since 1987 1.
Financially speaking, moving means turning one mortgage into another mortgage. But with careful planning you can turn the equity you have built up in your home into retirement savings, a dream vacation, a new car or any number of things that you have put off purchasing.
The key of turning a house-rich situation into a larger bank account, of course, is purchasing a home priced less than the amount you receive for your current property.
An experienced real estate professional can lead you to your next new neighbourhood, one that compliments your lifestyle, and other requirements, and helps you to convert your current home equity into a larger bank account.
Be sure to speak with your financial planner about the opportunity your home sale may present so you have a solid direction as you contemplate your next home in your new neighbourhood.
Then talk to us.