The answers to these questions will help you decide:

1. How much equity do you have in your home? Look at
your annual mortgage statement or call your lender to
find out. Usually, you don’t build up much equity in the
first few years of paying a mortgage, but if you’ve owned
your home for a number of years, you may have
significant unrealized gains.

2. Has your income increased enough to cover the extra
mortgage costs and the costs of moving?

3. Is the neighborhood still a good one for your needs?
For example, if you’ve had children, the quality of the
schools may be more of a concern now than when you
first purchased.

4. Can you add on or remodel? If you have a large yard,
there might be room to expand your home. If not, your
options may be limited? Also, do you want to undertake
the headaches of remodeling yourself?

5. How is the home market? If it’s good, you may get top
dollar for your home.

6. How are interest rates? A low rate not only helps you
buy more home, but also makes it easier to find a buyer.

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