Step One: Should I go or should I stay?
Should I Stay or Should I Go?
We often love our homes, but eventually, there comes a point when it’s time to move on. Life changes - and so do our needs and wants in a home.
When you are ready for a new home but also have one to sell or rent-out, the stakes are much higher. This time around, you’ve got more to think about, plan, and “get right” then when you bought your first home.
How do you decide if you should move or stay in your current home?
The Clash said it best in their hit song, ‘Should I Stay Or Should I Go’?
Your cozy home now feels cramped. Your hip neighborhood now feels noisy. Your job and commute have now changed. Your oldest kid starts school next year. Your youngest kid graduated from college.
You change. Life changes. - and so do your needs and wants.
Moving can be a hard decision, both financially and personally, so determine if you’re truly ready for it.
Here’s what to consider before you start packing:
Your Financial Situation:
Equity in your home. If you have owned your home for five or more years, then you should have some equity. This is when your investment pays off and you can use this equity toward the purchase of your next home, or cash in and put some money aside for the future - to fund your retirement, a second home or that dream trip you have always imagined.
Financial Outlook. Your employment is steady, your income is improving, and your entire financial situation looks good now and down the road. This means three things: 1) You will get approved for a mortgage; 2) you can afford higher mortgage payments; and 3) you can transition to a home that fits you better.
Healthy Housing Market. If the market is stable or flourishing, than it’s a good time to sell your current home and buy a new one. Homes priced right will move and that’s good if you’re a seller. It’s better to avoid a sluggish time in the market. Your home could take a while to sell and may not secure the price you were hoping for.
Your Needs & Wants:
Location, Location, Location. When you bought your current home, it may have felt like the perfect location for you - but maybe your situation has changed: schools are no longer as important, commute has become arduous, you would prefer to be closer to the water.
Maybe your quiet street is now too busy. Perhaps you want a stronger community feel or a more walkable neighborhood. Or you want a larger yard and more space between neighbors. So many variables go into what makes a good neighborhood for you at any given time. Think about where you would like to be for at least five years, and what your life may be like then.
Can’t or Won’t Remodel. You love HGTV and can just imagine your home remodeled and updated with larger rooms, gleaming kitchen. But you realize it’s only a fixer upper dream. Your yard is too small for an addition, you’re not zoned for it, or you just can’t live through the mess or cost. Plus, you never want to be the nicest house on the block. Moving can provide you with more sanity, more room, and you can ditch the floor plan puzzles.
Space Invaders. You want to increase your home’s size since your family is growing, you need an office or an in-law space or you want to downsize since your kids are left the nest. Whatever the direction, you’ve realized the size and space of your home doesn’t meet your needs anymore. Think about your ideal space and layout, are you living there already? Can you imagine a better place?
Green Acres. Homeowners either love big yards or hate them. Have you figured out what you like? Yard space can be a wonderful addition to your home -- for entertaining friends, for kids, for dogs, for gardening, for just getting some fresh air. It also becomes more difficult to mow, plow & maintain with a busy life or with age.
A small container garden patio, an expansive deck with a grill & hot tub or even just a nearby dog park may be what you are looking for next. If your outdoor space isn’t making you happy, it may be time to find greener pastures (or less pastures).
Just Life. Where you live affects your life and vice versa … your life will affect where you should live. If you’re a growing family, a newly single mom, or empty nesters, you want a home that reflects you and your new needs.
A condo unit and all of its amenities were perfect for you when you were on the go with travel and work. But maybe you’re more settled now and ready for a townhome or single-family home to take care of and spend time in with family and friends.
Or maybe you would love to trade in responsibility of maintaining, painting, mowing and cleaning a multi-level house and that condo sounds great for ease of living and travel.
Sometimes you can anticipate upcoming life changes that will happen in the next few years. It’s good to be prepared and perhaps plan an earlier move, especially if the housing market is good and rates are low. Timing can make or break the affordability of certain homes.
As always, I love to hear from you and help you in any way I can. Contact us if you’d like to talk more specifically about your situation and whether it’s best to stay or go. Sometimes the home you already have is good enough with some tweaks - and maybe our list of vendors, contractors and fixer-uppers, can help you stay put.
Read on to What Move-Up Buyers Need to First Ask Themselves.