Are you tired of your home's lack of space, outdated finishes, or even your neighbourhood or commute? Has your life changed since you bought your home and now you feel like it just isn't suited to your needs?
Moving up to a new home can seem a bit intimidating at first but it can be the best choice if your home is too small or no longer fits your lifestyle. Here are seven signs it may be time to move up to a new home.
You Need More Storage Space
Your Income Has Increased
You Want to Be Closer to Work or School
Your Family Is Growing
You Need Space for Ageing Parents
You Want a Different Neighbourhood
Renovations Won't Be Enough or Could Cost Too Much
1. You Need More Storage Space
Storage space: it's often at the top of "want" list for home buyers and it always seems to be in short supply. When you bought your home, it probably had enough storage space for your needs but now?
Things have changed.
You've accumulated more belongings, maybe your family has grown, and your lifestyle may be different. Now you're left with clutter, packed closets, and a cramped kitchen.
Sure, you may be able to invest money in renovations to add much-needed storage space to your home or downsize your belongings but these aren't always the best option (more on this later!).
When space becomes an issue, investing your money in a new home can be a better approach. With a new home, you can customize the home's layout and storage to fit your needs. A new spare bedroom becomes an office, you can opt for an entry with built-in storage, or you can finally enjoy the walk-in closet you've been dreaming of owning.
2. Your Income Has Increased
Your home was perfect when you bought it but now your income and financial situation has changed. As you build up more savings in the bank and enjoy greater security in your career, you've started about thinking about investing in a new home, as you can finally get selective about the features, finishes, and location you really want.
Buying a new home makes sense when your income grows and you expect it to remain the same or continue to increase in the years ahead.
3. You Want to Be Closer to Work or School
Maybe your commute seemed alright when you bought your home but increasing traffic or years of making the long drive are starting to wear on you. You may have even changed jobs or your children have started school and you'd prefer a short, easy commute.
Moving closer to school or work can be a worthwhile option in this situation. Depending on your current housing costs and where you plan to move, you may even enjoy lower living costs and a better quality of life.
4. Your Family Is Growing
The house that was a perfect fit for you when you were single isn't as perfect anymore. You've met someone, and you've talked about marriage and a family.
The same is true as your family gets even bigger. With a larger family, moving to a new home can be the logical solution to give everyone in your household private space and room for their belongings.
5. You Need Space for Ageing Parents
More Canadians than ever are embracing multigenerational households. In 2016, Census data found that households with at least three generations represent the fastest-growing type of household. Transitioning into a multigenerational household can reduce housing expenses and make it easier to take care of ageing parents.
Your current house may not have enough space or the right layout to accommodate ageing parents or older children living with you. Buying a new house allows you to customize your home's features with a layout that gives every family member enough personal space. You may even want to look at a home designed specifically for multigenerational living with more than one family area, a large kitchen (or even two kitchens), and dual master suites. For more information on homes with legal secondary suites please click here.
6. You Want a Different Neighbourhood
Sometimes the problem isn't your house, but rather, where it's located. Your neighbourhood plays a big role in your quality of life and how much enjoyment you get from your home. What you appreciated about your community may no longer be true after a few years.
If you have had children since you bought your home, you may wish you had a nearby park, walking trails, or even a more walkable neighbourhood in general. You may simply wish for prettier and greener surroundings or better amenities within walking distance. When you frequently wish you had something different in your area, it's a good sign that it's time for a new home.
7. Renovations Won't Be Enough or Could Cost Too Much
If your current home isn't fitting your needs, renovations may be a good option to update your home's function and appearance. It's important to consider the cost of any renovations and how much value they will really add to your home. Adding square footage to your home is one of the most expensive renovations you can undertake and can top $60,000 or more.
Please also remember, most renovations will require you to either have available cash or credit. In most cases with credit, it will raise your monthly cost of living by adding another payment to the mix. This payment and extra cost can not only be avoided, you could even reduce your monthly living costs by a) moving into a new energy efficient home that comes with warranty and costs much less for utilities or b) find another resale home in the community of your choice and schedule your desired renovations to be completed before you move in! A bonus here is that you could be able to include all the renovation costs within your mortgage, keeping your cash and credit available for other items on your wish list!
These are only a handful of signs that it's time to leave your home for something better. Some signs may be more subtle, such as dissatisfaction with your local amenities, wishing you were closer to family, or high taxes. If you are starting to picture life in a new home, consider seeking out your options by exploring communities, touring some new home models, search MLS and even get personalized listings to see what you're missing.