What happens when your friends decide to up-grade? Using this website, they find the place that’s just right, and are unable to move on their own because their jobs or real estate decisions make the move untenable. They don’t like their current digs and are afraid to move, much less be priced out of a property that they love. Here’s how to avoid that fate.
Look at other areas that aren’t so expensive. Find areas that are affordable and move in if your price point is more than $350,000. Find houses that are more affordable than what you’re already paying in the city you’re already living in, and that have similar house amenities, like amenities that are within your price range, like garage parking, or their own laundry facilities, or a room in the basement that’s open to the yard. That’s a critical distinction because if your house is not well located, and there’s only one or two of those in the entire area, you’re going to have to move farther out to find a space that you can afford, and you’ll have to spend money on housing.
If you’re searching for the best independent schools at the same time, you don’t need to be swayed by amenities such as being close to schools.
A Concrete Pit That Isn’t Changing
Think about the cost of relocating to a house in a comparably priced neighborhood with a yard. That’s the price you’ll have to pay. It’s not that expensive. You can decide whether you want to spend more money to improve your neighborhood, like adding more public transportation, bicycle lanes, and sidewalks that connect you to your neighbors, or you can take advantage of how a big house in a good neighborhood can help you establish your value, and potentially change the value of your property to your neighbors.
That’s the trend, and it’s where people can benefit the most from the fact that a big home is typically situated on a larger lot, which may help with resale values. By contrast, a house on a small lot is a “concrete pit” that doesn’t move with the times. You don’t get good prices on new houses in good areas because homeowners are afraid to move on their own because of the cost. They don’t move to a better neighborhood because they don’t see their neighborhood changing. They’re stuck in their large space with little opportunity to improve it, and therefore don’t feel any urgency to sell.
Consider Whether You’re Ready
Think about whether you’re ready to move now, or need to wait a couple years until your kids get older, or maybe until you get a promotion at work that allows you to change your location and reduce your cost, or maybe you need to save up the cash to pay for a home you love that’s in a different city. Whatever it is, whatever you need to do to move right now, you have to decide if it’s what’s best for you, and you’re prepared to move at some point.
When you look at the market, and you know what’s going on, you can determine if you need to move now. You’ll probably find that what is happening on your street right now is indicative of where the market is, and you’ll find that you’re better off waiting and finding your perfect space later in the cycle.
There’s no way to predict what the market will do. As a rule, we’re most comfortable holding on to a house until we see the market moving up. You should be comfortable with that approach, but you should also look at market trends, look at what’s going on in your neighborhood and in your neighborhood, and determine if that’s where you want to be.
You’ll know if you’re ready to move or not if you don’t feel as though you’re stuck, and if you feel like there’s some space to be had on your current property, or in a neighborhood that’s closer to your job or family. You’re just not there yet. Make a move if you can afford it taking into account other costs such as hiring movers, but move on your own because that’s going to get you closer to your ultimate goals.