1. Your Family Is Growing
One of the most common reasons for moving is a growing family. A townhome, condo, or small house may have been sufficient when it was just you and your partner, but adding a child to the mix could necessitate more bedrooms, bathrooms and overall square footage. Having children may also cause you to reconsider the area your home is located in. For instance, you may decide to move to a quieter street, a safer neighborhood, or an area with a better school system.
2. Your Lifestyle Has Changed
Your housing needs can evolve as you age. While living in a bustling city could suit you during your younger years, you may desire a quieter location when you get older. On the flip side, a large house and yard might seem unnecessary once your children grow up and move out of the home. Major life changes like divorce and retirement can also be catalysts for finding a new home. You may decide to move closer to family and friends or migrate to a warmer climate. If you’re entering a stage of your life where you anticipate hosting more gatherings or overnight guests, you may require a bigger home or one with a spare bedroom. Even a new hobby such as woodworking or sewing could warrant additional space.
3. You’ve Started Working Remotely or Far Away
If you’re transitioning to a work-from-home position you will likely need a dedicated home office. While it may be possible to convert an unused bedroom or a finished basement into an office, not everyone has the extra space available. Likewise, if you take a new job with a longer commute you might consider relocating to an area that’s closer to your workplace.
4. Your Storage Areas Are Full
Many homeowners eventually find themselves with inadequate storage space. Virtually everyone accumulates things over time, and it’s common to get to a point where you either need to declutter your home or move to a house with enough space to properly organize your belongings. No one wants to buy a larger home so they can fill it with junk, but if you find yourself dreaming of getting your book collection out of boxes and into a home library or displaying your fine china in a dining room hutch, you may need more space.
5. Your Income Has Changed
If your financial situation has improved significantly since you purchased your home, you might be in a position to upgrade to a larger house. A higher income or better credit score may allow you to afford a home with features that were previously out of reach—such as a larger kitchen, additional bathrooms, or a bigger yard. On the other hand, if your income has been reduced, whether it be from a job change, layoff, or a voluntary departure from the workforce, you may need to downsize to a more affordable home.
6. You’re Facing Home Repairs You Don’t Wish to Take On
If you’re facing ever-increasing home maintenance costs and are looking at some expensive repairs, now could be a financially responsible time to consider moving. It may be that your current home is aging, or that you purchased a fixer-upper years ago and still haven’t completed all of the necessary renovations. Whatever the reason, sometimes it just makes sense to move on from a money pit.
If any of these signs are true for you, it might be time to consider selling your current home and buying a new one. At BankFive we can help you with all of your home financing needs, and can even help you explore options for buying a new home before your current one sells. Don’t hesitate to reach out to our expert mortgage lenders today!