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Is Now The Right Time To Buy Or Upgrade Your Home?

March 29, 2017 Is now the right time to buy or upgrade your home?
Four ways to own that decision. Ah, March. The days are longer, the temps are getting warmer and “For Sale” signs are popping up in neighborhoods around town. If you’ve been thinking about buying your first home or making the switch to a new one, it might seem like you have to do it this spring, especially given all the recent headlines that suggest interest rates will go up in 2017. But is now the right time? We know you’re not about to rush into such a big decision and that’s why we’ve pulled together four things that can help you weigh your options. 1. Tally your upgrade
What will it really cost you to buy or upgrade? This worksheet can help you think beyond your mortgage payment. Although it’s impossible to think of every cost, here are a few to keep in mind (and these don’t include the costs to buy a house like closing fees and inspection costs): property taxes, utility costs, insurance, neighborhood fees, needed repairs/upgrades that you can’t negotiate with the current seller, lawn/outdoor costs, maintenance, appliances and furniture (especially if this is your first house). And consider the cost to move. Are you coming out of a bare bones apartment or do you already have a houseful of stuff? 2. Check out your
You can’t really know what your budget is until you know what your mortgage is. And you can’t know what your mortgage is until you know how much house you can afford. The message we’d like to get across: You have options and we can help. Sit down with a who can walk you through available programs and help pinpoint the ones that makes sense for you given your budget and needs. 3. Live like you already own it
It’s one thing to think you can afford a new house—another to know it. Before you jump in with both feet, how about a trial run? Take the costs you came up with using Steps 1 and 2 and attempt to live as if you already owned your new house for three to six months. How do the new costs feel? Manageable or incredibly stressful? How would you handle a major expense (like a furnace replacement) in addition to the new costs you’ll face? 4. Make sure you can still afford to save
We all know that more house = less money to save. It’s one thing to trade off paying for basement drywall against saving for a vacation. But buying a house shouldn’t compromise saving for critical things like the kids’ education, retirement and a rainy day fund. If you’re not already saving consistently for these types of things—or won’t be able to keep saving after you buy a house—you might need to reconsider. Feeling a little overwhelmed? Don’t worry—you can own this decision and Summit is here to help! You might also be interested in Financial success isn’t how much money you have — it’s feeling good about what you’re doing with the money you have. Here are some tips on how to prioritize your debts and bills, negotiate with creditors and get your late payments back on solid ground. Even in these challenging times, there's  whole lot of good happening! At Summit, we've always believed financial success happens together and that's been truer than ever this past month. Here's what "together" has meant for our community. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. Navigating finances after college is hard, but you can take it one lesson at a time. Get tips for managing money and paying off student debt after graduation. If you’re not sure if something is a scam, it’s ALWAYS better to act like it could be! Fraudsters are always coming up with creative new ways to steal from you and quick to take advantage of a crisis. Here are some of the most popular recent scams to watch for. With a little planning, you may be able to actually save a little money during the holidays. Check out these tips to keep costs down without missing out on the holiday fun. Some scams go right for your money; others try to get you to part with personal information – like account numbers, Social Security numbers, passwords, and personal identification numbers (PINs). Find out what you should look for and how to protect yourself. The holidays can be stressful & that’s why it’s important to prioritize your self-care. Use these tips to reduce stress without draining your bank account. Your home is your castle, your refuge and—let’s face it—a place where it can be very easy to sink a big chunk of money. Which is why you’re always on the lookout for “sweet spots”:  those home improvements that add comfort, safety or a little zing of style while you’re living in your house and will boost the asking price when it’s time to sell. And if you can find a way to save money on those improvements or cut home expenses at the same time, well that sweet spot just got a little sweeter! Featured Products Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Certificates Checking Accounts Home Equity Loans Home Loans Business Banking Financial Education Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts Upcoming Events Programs Tools & Calculators On-demand Webinars Podcasts About Equity in Money™ About Summit Careers News Community Giving Equity in Money™ About Summit Careers News Community Giving Help & Support Contact Us Member Support Center Schedule an Appointment Find a Branch Contact Us Member Support Center Schedule an Appointment Find a Branch Please read the following before proceeding to: The website you are about to visit is solely the responsibility of the merchant or other party providing the site. The content of this third-party site, including materials and information, is solely the responsibility of the provider of the site. The Credit Union is not responsible for any such third-party content. Any transactions that you enter into with a vendor, merchant or other party that you access through this third-party site are solely between you and that vendor, merchant or other party. The Credit Union does not endorse the content contained in this third-party site, nor the organization publishing the site, and hereby disclaims any responsibility for such content. The Credit Union Privacy Policy does not apply to this third-party site, and for further information you should consult the privacy disclosures of the third-party site. NCUA Insurance Estimator Privacy, Security & Accessibility Rates, Fees, Terms & Disclosures Routing Number *  The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2022, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 **  SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2023. Copyright 2024 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA