Exchanging one home for another seems to be a rite of passage. Parents tend to opt for larger homes once they increase the size of their family or the kids start getting a little bigger. Retired couples often trade in their large family homes for something a bit more manageable.
As common as this process may be, how do you know when it’s time to start looking for a new home? There are times when making a few small adjustments can alleviate any perceived problems with the current home. Sometimes, just waiting it out will make things better.
In any case, we’ve put together a few questions you might ask yourself to determine whether or not it’s time for you to move to a new home.
Does the location still serve your needs?
A home’s location is the one thing that’s almost impossible to change. If you absolutely love where you live, you might not find happiness in another community. The smartest choice for you is probably to stay where you are and look to change your home to make it more perfect.
Can you live with the size?
Discontent with the size of the home is perhaps one of the biggest reasons that people decide to move. However, it’s also important to think about what the future may hold. If you’re thinking about buying a bigger home with teenage children, will you still be happy with that home once the kids move out? If you move into a smaller home, will you need more space when future grandkids come to visit?
Can you reduce your costs?
Home ownership is a big investment. You have to pay the mortgage, property taxes, and homeowners’ insurance. You also have to pay for heating costs, maintenance, and repairs. If you’re currently living in a home that’s affordable for you, moving might stretch your finances too thin. On the other hand, moving could be a way for you to reduce your current costs. For instance, choosing to live in a “bedroom community” outside of the city limits might decrease your property taxes. Newer materials and building techniques can make your home more energy-efficient, reducing your energy costs. It’s wise to check out all the possibilities before you make a decision.
Would you be happier elsewhere?
Living in a different home can make you happier for a variety of reasons. You might enjoy a shorter commute or have easier access to the types of amenities you need. You might like how easy it is for you to exercise when there are walking trails right outside your door. All of these things are valid reasons to move to a new home.
Where do you see yourself in 5 years?
This is an important question to ask yourself when you’re buying a home. We’ve already touched upon the possibility of needing more or less space in 5 years, but there are other things to consider. For instance, it might seem logical to buy a home that’s just five minutes away from your workplace, but if you change employers after five years, you might have a much longer commute. Choosing a neighbourhood with easy access to the highways can help make any transitions easier.
Another thing to consider is whether the schools in your current neighbourhood (or your potential future neighbourhood) are likely to be a good fit for Junior High and High School. This is an important time in a child’s life, and you want them to be in a supportive environment.
Moving is a great choice for a number of families. Think carefully about why you want to move and whether those reasons are worth finding a new place to live. There are a lot of exciting benefits to look forward to when you buy a new home in an up-and-coming Edmonton and area community!