Ask yourself the question: Has the time come to relocate? Moving isn't anyone's favourite thing to do. Aside from the physical process of shifting everything you own into a new space and/or paying people to do so, there are many more other factors to consider, such as budget and location. But the challenges are worth the struggle if you've reached the point where relocation is the best option for you. If you're on the fence about moving, start 2016 off by considering these signs that will help you decide that's it's time to take the plunge and start the process of purchasing a new home.
- Money: yes, money will be an important factor when you are considering whether you should move or not. You might be able to upgrade your current home to fit your future needs-- but will you see a return on investment when you sell? Now is the time to examine your finances and figure out if you should continue to save some cash to boost your down payment or explore financing for that upgraded master bathroom.
- You've outgrown your storage space: there's only so much inspiration you can get from surfing Pintrest or watching Masters of Flip for renovating your kitchen or master bathroom. If more cabinets or taking down the wall that separates the kitchen and family room makes everything look bigger than go ahead and do it! It's your decision whether you want to remodel or put in a new kitchen in a new home.
- Your family is expanding: you're adding a couple of kids and/or pets to your family; this means upgrading your home is the next logical step. Aside from needing more space, don't forget to consider things such as a great school, a great neighbourhood park and close amenities. Don't have kids? The rule still applies, since buying a house in a great school district is a big plus when it's time to sell.
- Your kids/roommates have moved out: don't waste money on space you don't need. If it's just you and your spouse, why not downsize to a smaller house or condo to save not only on your mortgage but also on utilities, repairs, cleaning times and more?
- Your neighbourhood is changing: if your children are all grown up and are still living with you or you want to downsize, it might be the ideal time to move. If you live in a neighbourhood near a great school, the highway and many amenities, you should have no problem selling your home.
- You have a dream your current place won’t support: whether you envision yourself living in a home with luxurious upgrades or one that could be in a home magazine, it might be a sign you're ready to move on to your next home.
- It would cost you less to move than to keep repairing your current place: it can be hard to admit when it's time to throw in the towel on repairs, especially if you've put a lot of hard DIY work into your beloved home. But it might be time to take a step back and think about how nice it would be on your stress levels and wallet if you could start fresh.
- You’re intimidated by the thought of rising interest rates: if you purchased your current home when interest rates were at their rock bottom and before housing prices started to rise, you might be reluctant to give up that amazing mortgage-- even if you really need to upgrade your square footage. And while it's true that even a small increase in mortgage rates can have an impact on your bottom line, the reality is that you can't control all factors. So if you've outgrown or aren't happy with your current home, there's no reason not to at least explore your options. You might be surprised at what you can afford if you've built up enough equity in your current home.
- You’ve been putting off moving for a while: if you've been meaning to put your house on the market but have a lot of work to do to prep your home for sale--or are you dreading the home-selling process--now is the time. While interest rates aren't rising too rapidly. So if you've been waiting for the push to get started, this might be it.
CENTURY 21 Miller Real Estate Ltd.
Brokerage Independently Owned and Operated
#4 Office in Canada
By Production CENTURY 21 Canada 2013
467 Speers Road,
Oakville, ON L6K 3S4