Today we’re going to talk about the potential risks and rewards of moving into a bigger place. In the interest of practicality, there are things which a person should consider before upsizing.
Intent
Some people move into a bigger place when they retire so they have room for visitors and hobbies.
One of the reasons a person should ask themselves is why they’re moving. Make sure that the reasons that you’re moving upward align with your long term goals. Your long-term plans are especially critical if you’re in the process of buying rather than renting. It may be a better place, but why is that place better? The reasons can’t be vague; they should represent a vast life improvement.
If you’re moving to a new city, James Red of HomeSmart says the best thing you can do is rent for a year, until you learn more about the various areas of town.
The liveability factor
If two children who bicker constantly will be sharing a room, or if you’re going to lose your home office, so Mom isn’t going to end up sleeping on the couch when she stays with you during the winter, the home doesn’t have the liveability factor you need. Remember, generations, families, and friends are now buckling together under one roof, so consider that. If the home is a significant investment, and it has a pool, but you don’t swim, the liveability factor isn’t there. So, as you look for the place where you want to move, consider the contents of your current home and the people who are moving in, and ask if you can live in it happily.
The nut
The nut is the amount of money you have to meet your expenses every month. As crucial as the liveability factor is the cost associated with living in the new home. We implore you to be conservative in your fiscal estimates because there are always a few variables we miss. For example, in addition to the payment (taxes, repairs, and maintenance) and utilities (which are different in every home), the wear and tear on the commute car may be higher. Even the insurance might be higher due to increased mileage. If your brother is moving in with you and has a history of not staying in a job position for very long, consider the possibility that he may not always be able to pay his share and you may end up having to feed him, as well.
A visit to the local market will give you a pretty good idea on what the price of groceries runs, and check out the prices at the gas stations, too. Whatever you decide it’s going to cost to live in the new place, add about 20% to that. Then ask yourself if that amount is comfortable.
Being wise about upward movement will put you into the right place which you can manage in the long term and live happily. Whether it’s a significant investment or a home with a school district that will give your kids a great start, moving on up can be vastly rewarding when done with a little foresight. Remember, we are here to help pack, load, and move your home, regardless of where you move!
Aardvark Movers Inc. is a reputed moving company in Phoenix, Arizona, with experienced and skilled movers to assist with residential moving and commercial moving. We serve Phoenix, Scottsdale, Chandler, Tempe, Mesa, Gilbert, Glendale, Cave Creek, Carefree, Surprise, Sun City, Paradise Valley, Apache Junction, Maricopa County, and all of Arizona. 602-716-5555.
