Don’t Force Your Home to Fit
Sometimes, homeowners find that the home they once loved no longer meets their needs. It could have become too big, too small, or too far away from what’s most important.
However, the emotional connection many have with their home can make it difficult to accept such a realization. In these cases, delaying the inevitable can come with the risk of losing time and money. So, rather than avoiding the issue, watch out for these signs that it’s time for a change.
Do you have more kids than bedrooms? Is there always a wait for a vacant bathroom? Or are there too many spaces that go unused for months at a time? Whether too big or too small, a house that’s not sized right for your needs is a problem.
While a home is often a long-term commitment, it can’t always keep up with the fluctuations in the number of people living there. Kids grow up and move out, or sometimes return after you’ve already downsized. You may need to accommodate aging loved ones or make room for a house full of grandchildren. Once you find yourself daydreaming of a right-sized home for your needs, it’s best to evaluate whether your situation is just an occasional inconvenience or a long-term problem you can expect to face regularly in the future.
It makes perfect sense to choose your home based on where you will be spending most of your time. Unfortunately, if you spend much of your time at work, you may change jobs eventually. A new career opportunity can suddenly turn an ideal location into a nightmare commute. It can be easy to downplay a few extra minutes in the car each way when that happens. However, that time adds up and can dramatically impact your quality of life.
Similarly, your proximity to family members, schools, or health care may become a higher priority after purchasing a home. Distance to any of those can become a significant challenge. One approach is to consider the cost of relocating. Is the desired area more or less expensive than where you currently reside? Will the equity you’ve accrued since becoming a homeowner put the prices within reach? With home values continuing an upward trend and interest rates expected to go up as well, making a move sooner might be better than later.
Too Much Maintenance
Regardless of its size or location, owning a home requires maintenance. As homeowners age, caring for a large lot or cavernous home can take more time than they like. It can even become dangerous. Similarly, new responsibilities, such as a promotion or the addition of an infant to the family, can also cause home maintenance to become a nuisance.
Townhouse and condo units, senior living communities, and more urban properties can all be an alternative worth exploring. Due to the pandemic, many people are looking for more space. That means your higher maintenance property could be in high demand. Meanwhile, you may find that better value awaits you in a less demanding home. If this seems like a good solution to a serious problem, consider getting ahead of the game by putting some savings toward a fund for your next home upgrade.
Let the team at Open Mortgage support your search for the right home for right now. Explore our website to learn more, or call today to speak with a representative.