Does a new year mean a new home? The year 2021 is here! Typically, the start of a new year leads people to reflect on their personal and professional goals and ambitions. Undoubtedly, the challenges and lessons brought to us in 2020 encourage us all to take inventory of where you are now and where you want to go. Why not also use this time to think about your current living situation?
Does a new year mean a new home?
When deciding if it’s time to expand your living situation, here are five aspects to consider.
More Heads, More Beds
Has the number of people living in your home increased?
Sheltering in place due to Covid changed the way many families live. Many family members who previously lived a distance from one another consolidated households so they could be together. Some students returned home from school while elderly parents moved in with their adult children.
According to Zillow, close to 3 million adults moved in with parents and/or grandparents in March and April of last year. Additionally, in April of 2020, the total of adults living with their parents and/or grandparents was up almost 10% from the same time in the pervious year.
How has your family changed since you first purchased your current home?
Have you added a baby?
Sharing a room with a sibling may work for a while. After a certain age, bunk beds and splitting a closet may be more difficult. A brand new family member might require the need of a new home.
Has an elderly parent moved in with you or vice versa?
Multigenerational living is very common now, especially with the influence of the global pandemic. This type of arrangement provides opportunities from older and younger generations to care for and learn from one another. It also offers a strong alternative to senior residential communities or nursing homes.
Did a child return from college (aka, “boomerang kids”)?
Maybe you changed your child’s room to a home gym after they left for school. In the 4 (or 5… or 6…) years that they’ve been away, you grew accustomed to the new space. You may not want to convert it back to their bedroom. If one or more of these situations happened, you may find the number of bedrooms in your current house not to be sufficient.
Does a new year mean a new home?
Since you purchased your home, your job situation may be different. If your job isn’t, the world certainly is.
Maybe you work for a completely different company or your employer moved to a new location. The commute you had to work on the day you closed on your home may be considerably longer than it is now. For many others, the commute is much shorter.
Working from home is the new normal, if not permanently, then for the foreseeable future. Before COVID-19, studies from the World Economic Forum showed an estimated 7% of the American work force worked from home, amounting to roughly 9.8 million people. The team at Global Workplace Analytics predicts that by the end of 2021 the portion of the workforce based at home the majority of the time could be between 25% to 30%.
You may need to move closer to your office. Perhaps you need to find a home more suited for a home office. Whatever the case may be, as hard as you work, be sure your home works for you!
Perhaps you purchased your home before really knowing your town. Not every neighborhood is the perfect fit. Do you feel comfortable with your neighbors? Is the location of your neighborhood conducive to the social life you desire? Did you buy a home far from where you like to spend your leisure time?
Some homeowners enjoy the peace and quiet that comes with the outskirts of the city but purchased a home in a crowded area of town. Conversely, some buy a home in the suburbs when they really prefer to enjoy what’s happening downtown.
It might be time to relocate closer to how you recharge your soul.
Let Me Entertain You
Speaking of being social, some people love hosting parties (pre-pandemic). Many homeowners invite their friends over for Fourth of July backyard cookouts, Halloween soirees, winter holiday festivities. Whatever the season, they find a reason to celebrate with friends and family at their home.
The year 2020 put a pause in these types of get-togethers. Thankfully, 2021 brings news and hope of a pathway to a new normal that will include social gatherings once again. Will your home be ready?
However, not every home is designed to entertain. A small or even no backyard makes the cookouts difficult. A lack of convenient parking puts a wrinkle in Halloween get-togethers. Not having enough room for great Christmas décor and guests creates challenges for holiday parties.
If you need space to spread your inner Martha Stewart, it might be time to look for a new home.
The Bottom Line
You may not be motivated to move to a new home for personal, social or professional reasons. It might just come down to your budget.
A variety of factors directly affect your neighborhood and property. In some cases, the changes could increase your property value. Other influencing events could possibly decrease your property value. Most of the time, you unfortunately do not have control over these aspects.
However, by keeping tabs on them, you stay aware of the level of equity that exists in your home. This knowledge assists you in knowing when it might be a good time to stay or when it might be a beneficial time to move.
New Year, Same Lender
In every way, we want the new year to be a prosperous one. As you look at your homeownership needs for 2021 and beyond, remember that the trusted Loan Originators at Blu Print Home Loans are eager and excited to help!