So you’ve lived in your home for awhile but gnawing away at the back of your mind is an itch to move.
Sometimes the decision to make a move to another abode is an easy one. Your neighbourhood’s crime rate spikes or your neighbours love loud music and blare it at ungodly hours.
But more often than not, the decision to move from one residence to another is one that is not taken lightly and comes after much deliberation and contemplation.
Jason Pilon, with the Pilon Real Estate Group says there are a number of factors people should consider when making that all-important decision.
Here are her five reasons for people to know when it’s time to move.
1. When life changes
This top reason really encompasses many situations an individual or a family would look at.
Life is changing all of the time but when significant events happen such as births, death or divorce – as well as health issues or general aging – any of these circumstances will often prompt people to make the decision to move.
2. When you either run out of space/or have way too much space
When the kids’ toys have taken over every room of the house or when the one, shared main floor bathroom is getting more and more difficult to manage, it may be time to find a bigger house.
Conversely, when you find yourself living as an empty nester in the big house you raised your children in, and are wondering why you are still cleaning so many bathrooms when no one is using them …then it’s probably time to move.
3. When your property no longer suits your lifestyle
In your 20s, your parents may have helped you purchase a small apartment condo but now, 10 years later, you have the means and desire to find a townhouse or single-family property more reflective of your life. Similarly, your kids are now grown and you would like to find a smaller but newer, more sophisticated property that you can enjoy – with features reflective of today’s exciting and luxurious amenities.
Many empty nesters, wishing to enjoy their new retired lifestyle, are also looking for a maintenance-free ‘lock and leave’ type property so they can travel without worry.
4. When your current location just doesn’t work anymore
You and your spouse built a home and loved the fact you were homeowners of a brand new house. As the months and years went by, the 45-minute commute (one way) to work started getting really old. As well, when the kids came along, you realized there were no schools anywhere near and they would need to be bussed each day. You hadn’t anticipated this. It’s time to look for another option.
There are also circumstances where employment changes that could impact your decision. Perhaps your commute went from 15 minutes to 45 minutes or you transferred to another city. Or, perhaps you now work from home and location isn’t as important as home office space.
5. When you wish to use the large amount of equity tied up in your home
Some people who bought their property years ago for let’s say $100,000 or $150,000 – they may decide that the market timing and their personal circumstance line up and it would be a good time to sell their lifelong home for eight, nine or 10 times that amount.
Perhaps they wish to buy a vacation property and just rent or buy a little place. Or they are moving on to a facility that offers a higher level of care. The equity can be a large sum in many cases and can help determine the choices they make for the latter part of their life.
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