Families worldwide are doing their best to cope and endure the onslaught of problems brought about by the global pandemic, and while some of them managed to come out on top and relatively unscathed given the circumstances, not everyone was lucky enough to hold. As a result, many households are now considering the decision to move elsewhere and start anew to hopefully find better opportunities with a new home.
However, despite the obvious benefits of moving into a new house and doing best with what’s available, this isn’t a decision to be taken lightly and carries with it many glaring risks that must be accounted for first. And so, today, we’ll be going over the most noteworthy factors that you should be made aware of before you jump the gun and how exactly you stand to benefit or lose out from each of them.
Do The Benefits Outweigh Potential Risks And Concerns?
The question of getting a new home universally boils down to a weighing scale of benefits versus risks, and whichever way the scale leans in favor, it should be your final basis for making a decision. Of course, there are other factors a mere list won’t have the capacity to include, and no matter how objective we ought to be, we should never fail to consider personal matters as well. Nevertheless, these three key points should serve well enough to lay the foundation for a sound conclusion.
#1 Consider Your Family’s Financial Position
While economic confidence is on the rise as markets begin roaring back to pre-pandemic levels, not all families have the luxury of directly benefitting from all the change that’s happening around them. In fact, some might even find themselves drawing the short end of the stick and not particularly in the best of circumstances, meaning that any misstep taken could potentially jeopardize a family’s financial security or, much worse, financial ruin.
- The Upfront Costs And Downpayment: On the less appealing end, we should never fail to acknowledge the upfront costs and downpayment that come with the purchase of a new home. Sure, current mortgage and financing rates might seem lucrative in comparison with previous years, but if committing to such a large investment sinks into your emergency fund, then it might be best to stay put.
- Downsizing And Cutting Down Bills: Likewise, there is a myriad of ways to come out with a financial net positive with moving out, one of which is downsizing to help cut down your monthly bills. Plus, with how fast homes fly off the listing websites, you might even get a larger return than your perceived property value. Therefore, with a bit of extra effort, it’s not impossible to have some extra funds left to put back into savings.
#2 Impact On Your Family’s Current Lifestyle
Embracing the new normal was tough enough, and while a lot of people have gotten used to the idea of working from home and studying online, moving into a new house means readjusting once again. Hence, it’s equally as important to consider how this move will impact your family’s current lifestyle and way of doing things and whether it might be more bothersome than you initially gave it credit.
- Space, For Better Or Worse: Whether you’re downsizing or upsizing, the fact of the matter is you’ll be living in and dealing with an entirely new space. And while some would see this as an opportunity to redo their bedroom’s design, it could easily mean leaving behind furniture and belongings of sentimental value as well. At the end of the day, both perspectives speak of the truth, and you’ll have to manage your expectations for both.
- Location And Nearby Amenities: Although one could argue that homes can be compared equitably on an aesthetic scale, an accessible location with many nearby amenities will always become a crucial deciding factor. Yes, moving to a new place that has a vast expanse of parks, open spaces, and a vibrant community is all good and well. However, if it turns out otherwise, then it might not be the wisest decision to move out.
#3 Gauge The Urgency Of Moving Out
Last but not least, one must always gauge the urgency of moving out before jumping to any direct conclusions. It’s always good to know if time is on your side because this gives you ample enough space to think things through and make sure you don’t regret the decision much later. Likewise, if it proves you don’t have much time at all, then all the more reason to start stepping on the gas.
- Once In A Lifetime Opportunities: There will always be once in a lifetime opportunities that could welcome a blossoming new chapter into your family’s life, and if that comes in the form of a house and land package for sale at a killer price, then the immediacy of the action takes center stage. Of course, we don’t mean you to be rash with your decision, but don’t take too long unless you risk the opportunity slip your grasp.
The Challenges Of Starting Anew
Overall, there are varying challenges to starting anew, and the same applies to purchasing a home — there are just too many independent variables at play! However, it’s not impossible to overcome, and with the use of the above-mentioned advice to your advantage, then the most optimal decision will soon reveal itself right before you.