The first should be money. It is that thing that makes many of us do many different things. Things we do not like to do. And often, we will give much of it for things we want to do. Rarely do we give money away when we do not want to do something. But sometimes we do things we do not want to do, because the amounts of it, we believe, are worth the time we give for doing that thing. Those who like moving should sell every other weekend. That probably is not you. However, if you believe this is the only reason you are moving, then stop. Unless you are going to become an urban camper. You many want to be a perpetual RV park resident. Or head out west on your bike to live off the land. All these things excite me, but none are practical. The current market is offering an increase in monetary value for homes. And the replacement cost will also come at a similar premium.
Your priorities have changed. This makes perfect sense as we are coming out of this Covid 19 pandemic thing. Or are we? It has caused all of us to evaluate our priorities. You may realize that you can work from home and kids can go to school from home. However, the typical use of your square footage requires that you relocate to more square feet. Thus, you need to find a larger domain, or one that is laid out in a more efficient manner. Priorities always need to be assessed on a regular basis.
How many people do you plan on having in your household on a permanent, or semi-permanent basis?
What are the current ages of these individuals and what will their ages be in 10 years?
Do any of the current residence can contribute to the payment on the mortgage over the next 10 years?
How much will it cost all the potential dependents of this household if they go in multiple different directions with maintaining their own household?
The family dynamics have changed over the last 12-month confinement. Have you decided to break off your marriage? Have you decided to maintain your residence with your parents for another 5-10 years of your foreseeable future? Has one of your elderly extended family members realized they could appreciate a familiar place to call home, within your household?
My family dynamics have changed and most of the above questions find me realizing that I need to expand my living space. My own decision is to go the way of finishing out my current property to the maximum of the capability the real estate offers. That looks like adding 2000 square feet of living space. I could have decided to put my current house on the market and sell the current one. However the answer for me is that my family would be better served in developing what we have and not go through the stress of moving.
You may want to have someone in the industry to go through an exercise of determining if staying put, or moving on is right for you and your household at this time. If that is the case, reach out to me at Kirk@mcelreathteam.com, and we can go through the process.