How do you know if the time is right? Here are seven signs that it may be time to move on from your starter home and make that lifestyle upgrade.
1. You’re in need of more space
Crowded quarters are the most obvious indication that you should consider upgrading to a bigger house. First, evaluate your living areas and bedrooms to see if any serve multiple purposes. Is your bedroom morphing into your home office? Is the family eating dinner in the living room because the kitchen is too small to fit everyone? Consider how much storage is spilling out into these living areas. You may not even notice those items piled in the corner, but they could mean it’s time for more square footage
2. Your family is growing
Whether your family is increasing in numbers with a baby on the way, or your kids are simply getting older, it makes sense to consider a bigger home. A nursery for your newborn or separate bedrooms for your teenagers provides a place to put all the stuff that comes with growing up. Having the room each of you needs to peacefully coexist should improve family harmony and gives you a place to send a rebellious teen to cool off.
3. You’re earning more money now
Many homeowners choose their first home based primarily on what they can afford at that time, rather than what they truly want. If your income has increased, that dream home, or at least a home with more of those features you dream about, could be on the horizon. Remember that with a larger home come increased costs like heat and electricity, but if you can afford making the upgrade, it will be worth it.
4. You want to be closer to work
A long commute becomes even less desirable as your family grows and activities increase. So if your commute seems longer now that your family size and obligations have increased, perhaps it’s time to move closer to work. You’ll enjoy spending less time on the road and more time at home.
5. The market says so
When interest rates are low and the housing market is hot, your case for a bigger home is even stronger. Right now, the housing market is firm and interest rates aren’t just low, but historically low. So the market’s not just saying “so”; it’s saying “go!”
6. Your current house is draining time and resources
If your aging starter home is getting increasingly expensive to maintain, it might be time to get out. The money you’re spending on upkeep and repairs might be better invested in a home that’s been updated or is newer. You know, a home that already has a new roof, new windows, and new furnace.
7. Your family’s needs have changed
Maybe things like walkability and nightlife were important when you bought your first home. Now a good school district, a safe neighborhood where your kids can play, and a quiet street so they’ll sleep through the night are at the top of your list. Your requirements are different. It’s time to move.
Relate to any of these seven signs? Then it’s time to part ways with your first home and move on to one that better meets the needs of you and your family. Although moving with children isn’t always easy, it’s worthwhile when your new home in your new neighborhood enables an enjoyable and rewarding lifestyle you’ve been looking for.
For next steps, talk with your Real Estate Agent and give us a call. We can help you determine how much house you can afford at 1-800-700-9212 and help you with your new mortgage on your new place. We’re here to help. We’ve got the loan to take you home.