The journey of homeownership is rarely a straight line. According to Census data, the average American can expect to move 11.7 times in their lifetime. The reasons for relocating can range from major lifestyle shifts to strategic financial decisions.
Here are a few of the primary milestones that lead people to start their homeownership journey over again.
Preparing for a Growing Family
Homebuyers planning for a growing family often need more square footage. This might mean a bigger yard for a pet, an extra room for a nursery, or an in-law suite for a parent.
Consider these options if your family is expanding:
Home Renovation: If you love your neighborhood but need more space, consider using your existing home equity to fund a renovation before putting your house on the market.
Moving Up: Upsizing to a larger property is a reliable way to gain space. When searching for a new home, look for additional bedrooms, playrooms, or a large backyard to accommodate your future needs.
Career Shifts and the New Workforce
Whether you are moving because of a job relocation or taking advantage of remote work flexibility, career changes can be a strong motivator for a move.
Job Relocation: A new opportunity or company transfer may require a quick move. Getting pre-approved early is essential so you can act fast in a competitive market and focus on getting settled in your new role.
Remote Work Freedom: Many professionals are no longer tied to an office, allowing them to prioritize quality over a commute. This shift has led many to look for homes with flex rooms or homes with dedicated office spaces to support a productive work from home environment.
Sending a Child to College
Having a child graduate high school and starting their college education is a huge milestone! However, for many parents, this leads to an “empty nest” with more space than they currently need.
Here are some real estate options for a college transition:
Downsizing: Many parents take this opportunity to move into a smaller home. This can lessen the financial burden of a large property or provide a lower-maintenance lifestyle through a homeowner’s association.
Kiddie Condos: Also known as a college house, many parents look to purchase a house near their kid’s college or university as an investment as opposed to paying for outside student housing. When going this route, your student may have roommates that will offset your mortgage payment along with the opportunity to gain equity during the college years.
Strategic Retirement Planning
Retirement offers more time and flexibility for travel and hobbies. During this stage, many people choose to invest in properties located in areas they truly enjoy.
- Buying a Second Home: For many, owning a vacation property is the ultimate retirement goal. Having a dedicated getaway is a major win at this milestone.
Consider purchasing a second home now to use as a vacation property and investment, with a plan to make it your primary residence later. Check out our blog on second homes vs investment properties to learn more.
Multi-Generational Living: Caring for Aging Loved Ones
As life progresses, being close to family often becomes a top priority and one of the primary reasons for making a move according to NAR. This frequently includes creating a dedicated space for aging parents or relatives.
Accessibility Renovations: If you want to stay in your current home, consider a renovation to make the space more accessible or build a mother-in-law suite to accommodate your family.
Upsizing for Multi-Generational Use: If a renovation is not feasible, search for homes specifically designed for multi-generational living. Focus on properties with separate living areas, large kitchens, and floor plans that support the needs of aging family members.
Do you relate to any of these moving milestones?
If you are currently experiencing one of these life changes, it may be time to speak with a loan officer about your goals. We are happy to explain your mortgage options and help guide you through your next move. Contact us today!
