Very soon, we’ll be entering a new year. It’s an exciting time that can lead you to reflect on your personal and professional goals and ambitions. While taking inventory of where you are and where you want to go, why not use the time to think about your current living situation. Does a new year mean a new home?
When deciding if it’s time to expand your living situation, here are a few aspects to consider.
More Heads, More Beds
Has the number of people living in your home increased?
Have you added a baby? Sharing a room with a sibling may work for a while, but after a certain age, bunk beds and splitting a closet may be more difficult.
Has an elderly parent moved in with you? Multigenerational living is very common now and offers a strong alternative to senior residential communities or nursing homes.
Did a child return from college (aka, “boomerang kids”)? You may have changed their room to a study after they left for school. In the 4 (or 5… or 6…) years that they’ve been away, you’ve grown accustomed to the new space. You may not want to convert it back to their bedroom. If one or more of these situations happened, you may find the number of bedrooms in your current house not to be sufficient.
Since you purchased your home, your job situation may be different. Maybe you work for a completely different company or your employer moved to a new location. In either case, the commute you had to work on the day you closed on your home may be considerably longer than it is now. Sometimes the investment of time and money involved in going to and from work justifies looking for a living situation closer to your professional home.
Perhaps you purchased your home before really knowing your town. Not every neighborhood is the perfect fit. Do you feel comfortable with your neighbors? On top of that, is the location of your neighborhood conducive to the social life you desire? Some folks enjoy the peace and quiet that comes with the outskirts of the city but purchased a home in a crowded area. Conversely, some buy a home in the suburbs when they really prefer to enjoy what’s happening downtown. Did you buy a home far from where you like to spend your leisure time? It might be time to relocate closer to how you recharge your soul.
Let Me Entertain You
Speaking of being social, some people love hosting parties. Fourth of July backyard cookouts, Halloween soirees, winter holiday festivities… whatever the season, they find a reason to invite friends and family over to celebrate. However, not every home is designed to entertain. A small or even no backyard can make the cookouts difficult. A lack of convenient parking can make Halloween get-togethers challenging. Not having enough room for great Christmas décor and guests can make holiday parties pointless. If you need space to spread your inner Martha Stewart, it might be time to look for a new home.
The Bottom Line
You may not be motivated to move to a new home for personal, social or professional reasons. It may just come down to the numbers. A variety of factors could directly affect your neighborhood and property. In some cases, the changes could increase your property value. Other influencing events could possibly decrease your property value. The tricky part is that you frequently and most likely do not have control over these aspects. Keeping tabs on them, however, helps you stay aware of the level of equity that exists in your home and assists you in knowing when it might be a good time to stay or when it might be a beneficial time to move.
In every way, we want the new year to be a prosperous one. As you look at your homeownership needs for 2019 and beyond, remember that the trusted Crosby Team at First Choice Loan Services is eager and excited to help!
Executive Vice President, National Production