We are often asked this question: “How do we decide if we should update our current home or spend the money buying a new one?”
We received such a call from Kelly and Keith who have been in their 1500 square foot home for 12 years raising their 2 children. They were interested in learning more about a home nearby that had just come up for sale near their current home. As I often do, I started asking Kelly some questions to understand what was going on and what was so special about this home that she wanted more insight about it. What I learned was Kelly wanted to see about up-sizing to a larger, newer updated home, while Keith wanted to expand and update their current home and stay where they were.
This question is easy to understand, the answer is not so straight forward or universal, so let’s try and help understand it and offer some solutions.
I’ve found the best way to approach this decision is to break it down into 2 areas; Life concerns and Economic concerns.
The Life concern discussion revolves around determining how the current home impacts your lifestyle. Below are some specific questions to get you to think about how your current home meets those lifestyle needs. These are not yes or no questions, so really take the time to think about and answer them as honestly as possible.
- How important is where I live to me and my family?
- How do I feel about my current location and the neighbors?
- How do I feel about any future changes to the area I am aware of?
- Is this a great location for my current & beyond 10 year family needs (work commute, schools, services)?
- How would moving impact my family both positive and negative in the short term and long term (beyond 10 years)?
- How does my current layout and size work for our current (Less than 10 year) needs?
- How does my current layout and size work for our future (beyond 10 years) needs?
- How does my home meet most of my “must-haves” in a home right now?
- Can I handle the time and energy requirements of going through the hassle of the remodel process?
- Are we really happy here and if we were to move, do we feel confident these feelings could be duplicated or improved elsewhere?
Are there any other lifestyle related questions that are important to you? Make sure to review those as well.
After answering, is there an overwhelming feeling that moving is the right thing to do? How about staying where you are?
In our next segment I’ll go over the economic concerns, which can really make or break the decision process.
For over 30 years the Prime Property Team and Ron Carpenito of Keller Williams Realty Andover have been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a home anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.
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