We are spending more time at home than ever before. This impacts how we view and/or use
our home. If your condo or home no longer fits your needs in this new environment, you may
be considering a right-size move. The open floorplans and great room layouts that have been
so popular over the past few years, however it may not allow for the various workspaces for
you and/or your family needs now. Separate and private areas for work may require more
rooms or nooks, causing you to wonder if a larger home makes sense.
The fact is, before you buy a larger home or condo, consider your long-term needs. Will the
kids be returning to the classroom? Or will you be working for home on along term basis.
Will you need extra rooms in the future? Most people will reside in a home for 5-7 years
to recoup the cost of moving, planning for this time frame is an important factor in
considering a move.
Another consideration is the real estate market itself. Most of the country is experiencing
a strong sellers’ market. In some cases, condos & homes are selling for over the asking price.
Not only can this make the move difficult to achieve, but the potential drop in future prices can
saddle you with a condo or home for longer than your intended timeframe.
Before deciding to move, consider the impact today’s move could have on your future.
It’s advised to always plan to stay in a home for at least 7 years and if your potential
new home doesn’t fit into that model, it may make more sense to redesign/remodel
your current home.