We are spending more time at home than ever before. This impacts how we view
and use our homes. If your 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 may not
allow for the various workspaces your family needs now. Separate and private
areas for work and school needs 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, consider your long-term needs. Will the
kids be returning to the classroom? Will you need extra rooms in the future?
Most people need to stay 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. 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 home for longer than your intended
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.