Buying your "First Home" they say. Can I have a "Second!"?

Question

So how does that work? We settle on the first home, save money, sell the house and then pay even more money for a nicer house in the future? How is that possible? Help please I need someone with more knowledge on homebuying.

Answer 1

First response is pretty good, except for the fact that this is an excellent time to buy. People are dumping houses all over the country cause they are upside down (owe more than the house is worth)and they are just walking away from them. The mortgage co will have to sell at market value. For many mortgage companies that means they are loosing big. Here is your chance to buy a home at today's lower market value. Check with a Realtor in the market you are in and ask them what the market is doing. Ask to see sales for the last 12 months in a area you are looking at and see if the market has gone down, stayed stable, or gone up. Do your research and if is the right time, buy your home, enjoy it and over time it will appreciate to a point where you can sell it for a profit. Take the profit and use the down payment to  buy a larger or nicer home.

Good Luck

Answer 2

The only way you upgrade to a nicer home is;

the first house had a lot of appreciation since you bought it(the value went up) and you make money  on the sale. Tough to do in this market. Or as`you get older your income goes up and you can afford a bigger mortgage