A husband and wife hang a picture with their young son on moving day

The Question of Space: Is it time to upgrade your home?  Part 1

In Buyers, Homeowners, Sellers by Doug Phelps

Life happens! Most of the time, when I’m helping an individual or a family choose their new home, they have a list of non-negotiables to be on the lookout for and often that list includes a space requirement.  Depending on what stage of life a person is in, square foot requirements and space is an issue.  Some people are looking for more space, while others are looking to downsize because they think they have too much space.  Whatever the case is, it can be difficult to justify the costs of moving, the time involved with picking a new home and the actual work of moving without knowing for sure.  I help clients make this decision all the time, and I can help you to decide too.  In our first call, I help you to decide the next best step on whether it’s time to upgrade your home, stay where you’re at or downgrade your home; mostly dependent on your needs and lifestyle.  Below is a quick guide to help you start thinking about which one might be right for you.

Are you thinking of upgrading your home?  Why some homeowners decide to:

Growing Family

This is probably the most obvious reason that home sellers or first-time homebuyers decide to start house shopping.  Either a single individual got married and started a family, or an existing family is planning on expanding, everyone will need more space.  At some point, it can be too tight of a fit to make siblings of varying ages share a bedroom and eventually it just makes sense to spread out a little bit.  It’s also very common for the bachelor pad to be too small for the addition of a new wife and possible future children, and sometimes it just makes the most sense to start fresh somewhere else.

Office or extra space needs

This one is especially pertinent with the work-from-home era that was ushered in by the Covid pandemic.  Working from home is a trend I don’t think will be going away anytime soon, if at all, so it makes sense to have a functional home office.  However, many people never dreamed of working at home full-time a handful of years ago when they bought their house and now working at the kitchen table everyday is a nuisance.  Upgrading a home for extra office space, or just extra space for a side business or crafts makes sense because a home is supposed to support your lifestyle and if it doesn’t, it might be time to move. 

Taking Care of Family

Many of my clients are at a stage of life where they have children who are grown adults or young adults going to college and they are experiencing empty nest syndrome.  While this might seem like an ideal time to move, just wait!  It’s not uncommon nowadays for adult children to sometimes move home, if only for a little while, after life events like graduation or the end of a live-in relationship.  While some adult children do move back out, it’s becoming more common for an adult child and their parents to buy a home together so if that’s your situation you want to make sure everyone has enough room to spread out. It’s also important to factor in aging parents. For example, some empty nesters may no longer be caring for children but have opted to have their parents move in for health and safety reasons

Feeling Cramped

This one is really vague, and honestly it doesn’t need to be justified… sometimes a home just starts to feel too small and cramped! Maybe you’ve been at your current home for a number of years and you feel the need to acquire more space.  Maybe both you and your spouse now work at home and the walls are closing in on you.  Whatever the case is, if you would like a larger home then it’s worth looking into.  

Rental Property

This one can be a reason to upgrade a home, with the idea of an investment.  For example, some people who invest in real estate opt to upgrade their primary residence and use their current home as rental property.  The tax and investment perks of using a current home for rental property, as opposed to going out and buying a home just for rental property are very different.  For example, the down-payment requirements on a rental home are much higher than what is required when buying just another home.   You may be fine in your current home, but if you think it may make good rental property then it might be a good idea to upgrade and start your investment portfolio!

Is it time to downsize your home?  Part 2 coming next week!  Are you in the market to buy or sell your home?  Call and text me at (720) 323-4176 or email me at [email protected]