The Top 4 Considerations for Move or Stay Decisions
If your employer is transferring you to another area, there isn’t really a lot to think about, as you’re going to have to move. However, if you have been thinking about whether to change homes, whatever the area and as an option, you could just be wanting a change. Maybe your thoughts of moving revolve around neighborhoods or just your home’s characteristics, here are some things to consider.
-1- Are You Downsizing or Upsizing?
Baby boomers are at a place in life where the kids have moved out, at least most of them, and they have this large home with a lot of space to keep clean and maintain. If you’re in a home that’s now too large for your needs, even if you’re not wanting to relocate for retirement, you may want to downsize for home maintenance and expense reasons.
The other side of that coin is a home that’s too small, perhaps because you’ve started a family and need more space. That perfect small home you needed when it was just two of you is cramped now and the idea of more space is appealing.
If you’re downsizing and have equity in your current home, it can be a good financial move to plow some or all of that equity into a smaller home to lower the mortgage payments. If it’s retirement time, lower payments is an even bigger motivator, as fixed income living can be challenging.
Another downsizing possibility is if your home can be partitioned off with a separate entry for an Airbnb or vacation rental unit for income. It’s big business these days, with people preferring the residence rental idea to the busy hotel.
For upsizing, the consideration is whether you need to move, or you can add to the home’s square footage to meet your needs. While you may have the lot space to add on to your home, it may not be a good future sale decision. You don’t want your home to be outsized for the neighborhood, as you’ll likely not enjoy the same value appreciation as the smaller homes in the area. If your home is currently on the smaller side for the neighborhood, it could be smart to add on for future value.
-2- Are There Lifestyle Changes that Make Your Home Less Livable?
Particularly after the Coronavirus pandemic, maybe one or more people in the household are working from home and will continue to do so. That small desk in the living area with the TV blaring is becoming a deterrent to quality of work output. Would moving to a larger home with extra rooms be smart, or could you add on a room or two for your office or other space?
Maybe you’ve progressed in your career and you’re enjoying higher income and doing more entertaining at home. If so, you may want to move into a larger home with more entertainment space indoors or out. The decision could be move versus modify. Perhaps you could remodel your kitchen and it’s large enough to be an entertainment as well. Or, maybe you could add an outdoor entertainment deck area.
-3- Do You Have Deferred Maintenance Issues?
Deferred maintenance is all those little things you keep thinking you’ll fix, but you never get around to it. They mount up, and real estate agents hate finding a pile of those items when they’re listing a home, as they lower the value. If your home in all other ways meets your needs and fits your lifestyle, why not use the money you’d spend to move to hire out the work to take care of all of the deferred maintenance items?
-4- Would a Home Makeover Solve Your Wanderlust?
When you really get down to it, perhaps you’re just bored with your space. This is perhaps the least important motivator to go through the expense and trouble of selling and moving. From skylights to commercial ranges, the wonderful lifestyle and home styling choices available today make moving for this reason unnecessary. For not a lot more than the expense of a move, you can do a makeover of your space and become excited again about coming home from work.
Before you jump on the Internet and browse real estate listings, spend some time thinking about your reasons for moving and these four considerations. You just may find that you can enjoy your current home with some renovations, and then you can browse those listings for ideas.