Deciding when to move can be a tough decision. If you are thinking about moving, consider the following:

• Length of time living in your next home - Would you be there long enough to recoup the initial costs of moving, such as the down payment, closing fees, and moving expenses?
• Mortgage penalties – Try to align selling with when your mortgage is up for renewal to avoid a penalty, or negotiate it with your lender. You may also have the option to port your mortgage and take on a blended rate combining your old interest rate with the new one.
• Your job situation – If you don’t have a secure job this could be an obstacle with a lender.
• Non-monetary costs – Would you be moving mid-way through your child’s school year, or would they have to give up the sports team they are on if you moved? Consider disruptions to your routine and social connections, along with other stresses in your life, to determine if it’s the best time to move.
• Plans for the new home – Do you have plans for what you would want to do with your new home, and might there be any restrictions on what you can do (e.g. do you intend to renovate it, run a business out of it, or use it as a short-term rental)?
• Your future plans – Would your new home have enough space for your family or future family, including pets? Consider which schools are nearby if you have kids or plans to start a family.
• Your day-to-day life – Consider the neighbourhood you would want to live in, the monthly bills, and the lifestyle you would like to have.