According to a study done by the U.S. Census Bureau, the average American moves more than 11 times in their life. It happens… as we move through different stages of our lives, our housing needs change. Over the past year the pandemic has kept us inside our homes more than ever. Working from home, home schooling, and limited access to places, like the gym, have caused us to view our homes differently. If you’ve been wondering if it might be time to make a move, here are some things to consider.
Have you outgrown your home?
If you find yourself struggling to find space for all of your belongings, or you’re forcing rooms in your home to do “double duty” (office corner in your living room anyone?) then you might be outgrowing your space. New home owners just starting out might not have a lot of “stuff”, or might not think they need a lot of space. As you acquire more, or find that your life has changed and you now need a dedicated home office or extra bedroom, that can be a sign it might be time to move on.
Sometimes you might be fine in your current home, but anticipate a life change, like marriage or children, that force you to think ahead. It’s not wrong to wait until your growing family is tripping over each other to move on to a larger home, or one that offers a better layout for what lies ahead.
Are your home projects completed?
If you purchased your current home with the goal of doing any significant renovations or updates, have you completed those? In order to maximize the price you can get for your home when it’s time to sell, strategically plan your updates around your home’s needs and what will give you the best return for your investment. If you spent your pandemic time at home making improvements or updates to your home, you could see more cash at the closing table as a result.
Does it make sense financially?
This seems like an obvious question, but consider the costs associated with moving to a new home. There are the expected costs associated with moving… a new (and likely larger) mortgage, closing costs, moving expenses, possibly higher property taxes, etc. There are also increased costs associated with the maintenance and upkeep of a larger home that you may not have considered. A larger home will have probably have higher utility costs and other “unexpected” expenses you might not have thought of.
On the other side of that coin, if you’re looking to downsize, this might be a great time to do so. Home prices are on the rise, meaning you can get more from the sale of your current home, and interest rates are low, which translates into smaller mortgage payments on a new home.
Don’t go it alone…
If you think it’s time to move on to a new home, or have questions about buying or selling, make sure you consult your trusted real estate professional. Our market is competitive and homes are moving quickly. The mortgage lending industry has also seen changes due to the effects of the pandemic on our economy and jobs. Make sure you have a solid plan in place with your agent before jumping into the market.