Tamara Bodrick: Hi! I am Tamara with Wells Fargo & Company. Today we're discussing how to choose the right home for your current situation or decide if you need to buy another home. Maybe you're ready for that dream home you have been thinking about, your situation and financial goals change and evolve over time. As a result your needs change, careers unfold and priorities shift.
When change occurs, you may need to consider buying a home that may be a better fit for your lifestyle. The good news is that there are flexible financing options and very down payment programs available that can help you make this move to a different home.
The potential financial and personal benefits that go along with buying your next home may include the need for more or less space, the opportunity for a shorter commute, or simply the desire for more upgrades in your home. Many families consider moving to a larger home when they have more children, perhaps you've outgrown your existing home and need more space for your family. You may also need a larger home for hobbies or social life.
On the other hand, other families would prefer a more manageable space. If you want to downsize or you want to simplify your life, you maybe ready to consider a smaller home, which could also save you money. Career changes make it necessary to move to a new area and find a new home.
Another common reason for moving is the desire or need to enhance luxuries or upgrades. Additional income may allow you to purchase the home with additional amenities or you may need upgrades for other reasons. You can also take advantage of the equity that you have built up in your current home, which may allow you to easily move to your dream home.