Should I Stay or Should I Go?

How to Move to your next home with Ease Series

No matter how much we love our first home we usually reach the point where it is time to move on. Our lives and families have evolved, changed, or grown and our first home has not kept up with our wants and needs.

When you have a home, you will need to sell or rent out before you can move on the decisions are more complicated and impact of a poor decision will be much harder to offset.

There is more to consider and plan for and more complexity involved than when you purchased your first home.

My 5-part weekly series is a “how-to” guide for moving to your next home with as little stress as possible.   

First up, how do you decide if you should move or stay in your current home.

The Clash said it best in their hit song, ‘Should I Stay Or Should I Go’ and that’s what you are wondering now.  There are a number of things to consider when deciding if now is the time to move on or re-imagine your current home, so it meets more of your current wants and needs.

Your life has changed, the kids have grown and either you waved your last child off to college or are ready to send your oldest to their first day of school. You have a new job and the commute has changed, or your home now feels crowded rather than cozy, or your house feels too big.

There are a lot of things to consider when making the decision to move. There is a financial aspect, the costs of selling a home, of buying a new home and then the cost of moving.  There is also the emotional aspect of moving.  You need to consider all of this when deciding to move.

Moving can be a hard decision, both financially and personally, you need to make sure you are ready.

Here’s what to consider before you start packing:

Your $$$ Situation

• Equity in your home. You need to determine how much equity you have in your home or get a good feel for it. The length of time you have owned your home, the current market and what you paid will all play into how much equity you have. You can then use the equity you built up to purchase your next home.
• Financial Outlook. Consider your current employment and financial situation. Is your job stable with steadily improving income? Look at your entire financial situation, current debt beyond your mortgage, credit score, and debt to income ration with and without your current mortgage. All of this will play into whether you will get approved for a mortgage and if you can afford higher mortgage payments and the additional expenses associated with a large and/or more expensive home.

If you are considering changing jobs then you need to consider if changing jobs before buying a new home is the right move. Once you are into the buying process you should stay with your current job until after you close. Minimally you should discuss this with your mortgage lender before you embark on buying a new home and looking for a new job.

• Healthy Housing Market. While trying to “time the market” is not advisable you should consider the natural ebbs and flows that occur in the housing cycle. You want to avoid being in the market when it is sluggish or slow when you are selling. So if you don’t have to sell immediately, it’s better to target traditionally stronger markets such as Spring.  However, given current low inventory levels in Westchester the market has not been waiting for Spring so don’t be afraid to list a little earlier in the year.  By pricing your home right, we will be able to sell it quickly and at the best possible price for the current market.

 Your Needs & Wants

• Location, Location, Location.  When you bought your current home, it probably felt like the perfect location for you,but maybe not now. Your life has changed and this once perfect location may not meet your needs anymore.

Maybe the neighborhood has changed, or a hopping night life is not high on your list anymore. Maybe your new job has increased your commute beyond what you are willing to do. Maybe you want a better school district or a kid-friendly neighborhood, or a quieter neighborhood.  It might be you want to be closer to family or your street has become busier than you would like or need/want a larger yard or a garage, or more space.

Think about what you want and need in a new home over the next five or even ten years. Picture yourself and the life you are looking for during this time. It all comes down to what you want now and where you picture yourself living.

• Can’t or Won’t Remodel.  You’ve binge watched all those remodeling shows on HGTV and while you can imagine what your home would be like with larger rooms, a new spacious kitchen, that primary bedroom with the ensuite you long for you just don’t see yourself living through the chaos of a large remodeling job or shouldering the expense. In addition, the reality is the size of your property, your neighborhood or the zoning just don’t allow for the expansion you need. Over-improving a home for the local could leave you with a hard to sell home down the road. By moving you can get that larger home without the stress or sacrificing your yard.
• Space Invaders. You find you are bursting at the seams, or you are rattling around in a large house since your kids moved out. Whatever your situation your home is no longer just right and doesn’t work for you and your family’s current life.

You need more space, more rooms or just more closets. Your home feels cluttered and cramped or maybe you just need another bathroom and it’s time to find a home with an ensuite in the primary bedroom or that private office you have been dreaming of.

Conversely, your kids have all moved out and you are ready to downsize.  Your four bedroom three full bathroom house is more than you want to clean and maintain and you don’t need such a large yard anymore. You are ready to spend less time and money maintaining your current home and find a smaller home with less maintenance.  

• Green Acres. Large yards can be a blessing or a curse.  A big yard has lots of space for kids and dogs to run around, allows you to nurture your green thumb with beautiful gardens, provides space for entertaining friends and family. But a patio or deck can give you the space you need for enjoying the fresh air with your morning coffee or that evening glass of wine and you can walk to that nearby park if the kids or the dogs need to run around and burn some energy.  So are you a lover of big yards or do you shudder at the thought of having to spend your weekends mowing and gardening?

If you don’t want to mow every Saturday or don’t have enough privacy between you and your neighbor’s yard, and it’s nagging you. Every. Single. Day … then it’s time to move. So are you a lover of big yards or do you shudder at the thought of having to spend your weekends mowing and gardening? If yard work is not your thing or if lack of privacy from your neighbors’ drives you crazy EVERY time you think about it maybe it is time to move.

• Life Changes You.  Time brings about changes in our lives. As our lives change our home needs change as well.  Perhaps your family has grown, or you are an empty nester, or a single mom, whatever your situation your home should reflect where you are in life and what you need.

Maybe when you ventured into homeownership that condo was the perfect answer to homeownership.  You were busy traveling, working, hanging with friends and the low maintenance and amenities of  a condo unit suited your lifestyle. Now a few years further down the road you are ready for a bigger home and are ready to take on the additional responsibility of single-family home and to enjoy the perks of a larger space for entertaining friends and family.

Perhaps you were just not ready to fly solo as a first-time buyer and take on all the responsibilities of a single-family home. Now you’re an experienced homeowner and ready to step up to a home with more privacy and no condo rules to follow.

It’s good to look towards the future and try and anticipate some of the life changes you may encounter over the next few years. You may want to plan to move a little sooner and be proactive about your next home. If you think you are ready, and the market is providing affordable opportunities it might be time to consider a move.

As always, I love to hear from you and help you in any way I can.  Contact me if you’d like to discuss your specific situation and if staying or going is best for you.  I’ll always be honest with you and never just try to sell you another home.  Sometimes the home you already have is good enough with some tweaks and maybe my list of vendors, contractors, and fixer-uppers, can help you stay put!  

Next up in my series for week two is a must-read, or should we say a must-answer! What Moving Buyers Need to First Ask Themselves provides the questions that can lead you to your next home purchase.