Buying a home is a lifetime investment. According to the United States Census Bureau, 64.8% of U.S citizens are homeowners. Your home is filled with precious memories from your first dinner to your first child. However, for different reasons, it might be necessary to say goodbye to an old home and relocate. Perhaps you have been wondering if you should buy a new home but you are unsure. The following signs should alert you that it’s time part ways with your old home.
You Have Outgrown Your Home
Owning your first home is very exciting. However, most starter homes turn out to be too small. A couple of years later you realize your family has grown. Nothing is more stressful than having 3 kids crammed into one room. The closets begin to overflow, toys scattered everywhere and virtually all storage spaces get maxed out. Ideally, the value of your home will have appreciated significantly in a couple of years. So it’s time to cash in and move to a more spacious home.
The Neighborhood Has Deteriorated
Your neighborhood might have been a paradise when you moved in. Major attractions for homebuyers include security, infrastructure, and social amenities. Several years later, you might feel differently. The local laws and zoning restrictions might have changed. This opens the floodgates to a host of problems.
A neighbor might have converted their home into a holiday rental, attracting rowdy youths. Crime rates could be through the roof. Other developments such as a new freeway or a new shopping mall could make the neighborhood noisy for you. In a few years, the entire neighborhood could be intolerable. There is no price on the safety of your family. You will have no choice but to relocate.
A Better School District
As your family grows, your priorities change. You might have been single or childless when you moved in. 8 years later, you are married and have kids. A good school district guarantees a better educational foundation for your children. Living in a great school district also comes with other benefits. For one, a good school district guarantees a better future selling price. Such neighborhoods also tend to be safer. So if your home is a crappy school district, it makes sense to buy a new home elsewhere.
You can No Longer Afford Your Home
The excitement of owning a new home wears off when the bills start rolling in. Some people notice this right away while others hang in a little longer. Your financial situation might also have changed over the years. According to the U.S Census Bureau, your home should not take more than 30% of your income. A good time to move is when the mortgage payments, property taxes, and other utility bills become too much. It might mean you have to sell sooner than you planned, but it’s the right move. Getting your finances in order is more important than hanging on to a house you will lose anyway.
The House is Contaminated
Homes that were built in the early 1940s tend are prone to environmental contamination. The most common form of pollution is lead contamination. Lead-based paints were banned in 1977. Lead particles become airborne and lead to indoor pollution. Exposure to lead can cause brain damage, kidney failure, and delayed growth.
The other common pollutant is asbestos, it was also banned by the Environmental Protection Agency in 1971. Exposure can cause lung cancer and other respiratory complications. Other contamination issues to look for are mold growth and faulty septic systems that can contaminate your water.
Inspection Uncover Something Wrong
Although a home inspection is conducted before the purchase, it is advisable to have your home inspected every other year. The survey indicates that 36% of homeowners consider unexpected maintenance as their biggest regret.
In most cases, nothing serious will turn up if the initial inspection was thorough. However, once in a while the result might shock you. Minor damages are relatively easy to correct. But structural issues are a homeowner’s worst nightmare. For example, that vintage electrical that could blow up at any time. The biggest one being problems with the foundation. These are very expensive, it might be a good idea to sell the property altogether and buy a new home.
Commuting Takes Too Long
On average, Americans move about 11.7 times in their lifetime. Change of employment can force you to relocate. Other reasons are divorce, separation, or marriage. Nobody wants to uproot their family unless it is really important.
For instance, your new job might be on the other side of town. Meaning you probably have to leave for work at the crack of dawn to get to work on time. You end up spending most of your time on the road. In such a situation, it might be better to move closer to work. The extra time can be spent with family, learning a new skill, or enjoying a hobby.
It’s a Sellers’ Market
Sellers’ market refers to a situation where there are more buyers than sellers. Under normal circumstances, the forces of demand and supply are usually balanced. In such a situation, the homeowners have the upper hand and buyers offer more.
According to the Virginia real estate group Your DMV Team, if you have been waiting for the opportunity to make a profit, you’ll need to take advantage of the sellers’ market and sell. The key signs to look for are increased brokerage activities in an area, and comparable properties to yours selling in and around your neighborhood.
Make the Right Decision
A new house is a serious financial commitment and there are usually a million factors to consider. The best time to take a closer look at your books. It offers you a rare opportunity to free yourself from any unnecessary burden. You want to make sure the new house fits all your needs.
However, before you start packing it is wise to cover all your bases. In case the relocation is urgent, you may be selling your old home and house hunting simultaneously. One wrong move and you lose it all. Leaving the technical side to the professional gives you more time to be present for your families.