Is it Time for a Different Home?
Most of us have been spending a lot more time at home than usual, and some are discovering issues that were easier to overlook until now. If you’ve found yourself in this situation—whether you’re too cramped to live, work and raise a family in the same space or you simply want more room outdoors to relax and roam—it might be time to upgrade to a bigger home.
A recent survey from realtor.com® and Toluna Insights found that homeowners have struggled with the size of their home during the pandemic. “Downsizing” was trending in real estate pre-pandemic, but now it’s possible that buyers will be looking to “upsize” again. The big question is, should you become one of these buyers?
First, consider whether you have enough space to live and work at home comfortably. With a chance of resurgence and future quarantines—or if you’re close to retirement—would you want to spend most of your time in the space you’re currently occupying? If you can’t separate office areas from bedrooms and living rooms, allowing you to unwind when quitting time comes, that might be a sign it’s time to start looking.
Two more areas of your home to scrutinize are your kitchen and dining room. Do they adequately accommodate your cooking and eating habits? Restaurants may be open, but many are concerned with public gatherings. If you had to eat every meal for a year in your current home, would you start feeling the cabinets and cupboards closing in on you?
The same survey from realtor.com® and Toluna Insights also noted that buyers are becoming more interested in homes with access to outdoor spaces: front yards, backyards, patios, and balconies. If you lack these amenities, picture yourself taking a walk through the yard or garden to gather your thoughts and recharge. If that feels like a missing piece in your work from home/life balance, well, you know the answer to the big question. It’s time to move.
Start Looking Now
Get a headstart on the upcoming wave of “upsizers” and take advantage of low-interest rates while you can. Be sure to go over your budget carefully and make a wishlist for your next home. Next, find a realtor you trust to start shopping. You might also consider getting pre-qualifying for a loan to impress sellers in what may develop into a very competitive market for the same types of homes you’re looking for.
Whether you ultimately decide it’s time to move—or renovate your current home—we at Open Mortgage are always here to discuss your financing options. Browsing our website today is a great way to learn about our services and to talk with home-financing professionals.