Should You Refinance and Renovate, or Purchase a New Home to Fit Your Post-Coronavirus Lifestyle

Is it time to refinance?

With mortgage rates still at historical lows, it can be tempting to refinance your home loan – especially if doing so will reduce your monthly payment, allow you to pay off your balance much sooner – or both.

But given our “new normal” with more people working and learning from home, moving to a place that more closely fits your current (and future) lifestyle could also be appealing. So, how do you know which is the better alternative for you?

It can help to sit down and compare your options the “old fashioned way,” by taking a sheet of paper and writing down all of the pros and cons for each. To help with getting you started, here are some of the key items to consider:

  • The amount of your current mortgage payment as compared to the new payment – either on a refinance or a new home purchase
  • The length of time that would be required for paying off a brand new mortgage versus your current loan
  • The cost of doing various renovations to your present home in order to better accommodate more time spent there working and/or participating in academic activities
  • Whether or not your current location is suitable, or if a new area would be a better fit for your lifestyle and activities going forward
  • Any of the added expenses – as well as the time commitment required – if you make a move, which can include closing costs, inspections, and hiring movers (and any updates or renovations that would be required at the new property)

Patrick McCarthy Real Estate Can Help!

If you’re still not sure whether or not to sell your present home or instead to refinance, give us a call and we can help you with determining the value of your current abode and all of the potential options that are available to you.