10 Signs You’re Ready for a New Home
10 Signs You’re Ready for a New Home
- A grueling daily commute
You weren’t expecting to get a job 45 minutes away from where you currently live, but sometimes life throws us curve balls. What you once viewed as a 45-minute radio jam session has turned into a daily nightmare of gridlock and road rage. That extra driving time adds up and starts affecting your home life. You have less time to sleep, less time to cook, less time to relax, less time with the loved ones, more gas expenses, and more wear and tear on your car. If you’re finding your daily commute is making you miserable, that’s a valid reason to consider making the move.
- A baby on the way
As soon as a family learns they’re having a baby their priority’s and daily lives change. Maybe choosing a home right down the street from the nightclub wasn’t so life long after all. You want the best for your child, and you want them to have access to the best education. Families tend to congregate in family-friendly neighbourhoods, with family friendly amenities, other kids to befriend, and close proximity to good schools. If you’re starting a family and aren’t in the best location for it, this is a good sign it may be time to move.
- You’re outgrowing your humble abode
So, your original plan was one and now you’re at bundle of joy number four. Despite the best planning, you may still find yourself outgrowing your home. If your family has outnumbered the amount of bedrooms you have that’s a good sign you should consider making the move – if it’s financially feasible. Many families have their children share a room for several years, but as your kids continue to grow older so does the significance of privacy and the fun of an everyday sleepover starts to dissipate. If it’s in the financial books, consider this a strong sign to make the move.
- You fell in love with another neighbourhood
If you find yourself constantly getting groceries, doing activities, visiting friends and enjoying yourself more in another neighbourhood, then it could be a sign to move on over. Sometimes you find out that what you thought you wanted isn’t really what you need. Ideally, an experienced real estate agent would have taken the time to get to know you enough to foresee this before you made the deal – you didn’t use Dolce Real Estate, huh? If this is your situation it may be time to start browsing for a new home.
- Rent is costing you more than owning would
The first step to quit renting is to take a look at your budget and figure out if it would be cheaper to put that rental payment towards the monthly payments associated with buying a home. If you have a stable income, are debt free, intend on staying in your location for the long term, and are open to the responsibility and cost that comes with a home – then it may be time for a big life event! Buying your first home is a big deal. It should involve a fair amount of thought, but if you said yes to all of the above then it sounds like it’s time to book an appointment with a mortgage broker and look into your options.
- You’ve saved to upgrade to a better home
Starter homes aren’t always forever homes. Many first time home buyers intend on saving up to eventually upgrade to have the home of their dreams or one that suits their maturing needs. If you’ve spent several years saving for it, and have gotten to the point where you can give a significant down payment, then it could be a good time to move forward and make your dream a reality.
- You’re an empty nester with a big nest
As your family grows up you get left behind with an empty nest and possibly a lot of unused space. Some parents rejoice in their newly reclaimed space, while others see it as an impractical money guzzler. That extra bill money could be going towards enjoyable activities and trips for yourself. If half your home is being unused it could be time to downsize.
- You’ve been thinking about moving for a long time
If you’ve been thinking about buying a new home for 6 or more months that’s a fairly significant sign. Consider the reasons behind the desire, weigh your wants vs your needs and take a look at your financial plan. If you have the financial means including a steady income, good credit, money for a down payment and valid reasons, then call up a mortgage broker and a realtor.
- The interest rates are low, and your credit is good
A home is one of the single largest purchases most people will make in their lives, and with the interest tacked on the cost adds up. Buying a home with good credit and when interest rates are low will allow you to get a reasonable rate on your mortgage loan. If you’ve been thinking about making a move, have good credit, and the rates are low then it’s a good time to jump on the opportunity.
- You’ve said yes to two or more of these listed signs
If more than one of these signs has applied to you, then it sounds like your new home is waiting. You don’t always have the option to enter the market at a time that favours you, but you should always ensure you’ve thought it through completely. Have an honest look at your finances, your desired locations, the timing, and family or individual needs before taking the plunge to ensure you set yourself up for success.