When it’s time to buy a new house, you’ll feel it. Maybe your current home is starting to feel small with a growing family. Maybe your kids have left the nest, leaving you with too much space and retirement in the near future. No matter the reason, moving to a new environment is an experience that requires planning to make your next adventure rewarding. This is especially true if you want to sell your home to help finance your new home.
If you’re wondering if you’re ready to make the move, here are the top signs that will tell you that it’s time to buy a new home.
1. Geographic Location
This is a common indication that it’s time to buy. The first step is choosing a location that meets your family’s needs. If you haven’t already thought of your options, it’s time to do some research. Take a look at what’s out there, because your property needs may require a wider variety of home styles. For example, a home that fits the space needs of a family with four children may be more than enough for a family of five that only needs a one-bedroom home.
For example, a five-person family that needs a house that can sleep at least five people will need to move. A young family will need a place that’s large enough to grow with. Someone that travels a lot will need a house that will accommodate their needs. Considering rural versus urban environments are also important when considering space.
2. Lifestyle Change
There are a few aspects of your life that may need to change in order for you to buy a new house. It’s not always easy to think about making big changes, so there’s a good chance you might want to delay buying a new home until your priorities have solidified a bit more. However, if it’s becoming a struggle to pay a huge mortgage and maintain the current life you’re living, you’ll know you’re in need of a change. Even if your home is underwater, if things are becoming worse, it’s time to buy a new home that better suits your budget.
3. Social Factors
Do your kids have friends in the area? Do they have their own friends? If the answer is no, it’s time to consider buying a new home. If your kids are small enough, a big change might not affect them as much. When they are junior high or high school age, however, their social circle becomes very important. You don’t want to let your kids go through such a huge separation if you can help it.
However, in some cases, a move can be good for them, especially if they have experienced bullying or other traumatic experiences. This may be equally as true for you. A new neighborhood where you don’t know a soul is much less intimidating than staying in a place where your friends live.
4. Life Transitions
You might already know that life transitions can influence our emotions. The transition you’re facing can also alter your priorities and feelings of time and money.
This one may seem strange, but many people feel it when their kids leave the nest. It’s normal to feel nostalgic or even sad when they leave the house. When the kids are grown and out of the house, for example, you might realize you’re ready to scale back your possessions. Maybe you’re thinking of downsizing to a smaller home to free up more money. Or perhaps you’re ready to cut back on driving time, commuting time, and gas money. Whatever the reason, when you feel that shift in your lifestyle, it may be time to buy a new home.
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