3 Big Housing Decisions You May Face
Housing decisions are never small. Where you choose to live impacts your budget, your job prospects and your social life.
And in the future, your home plays a major role in what your retirement might look like (financially and logistically).
For these reasons, housing decisions require plenty of careful consideration.
Want to be prepared to make the right choice when the time comes? Start here.
1. Should you build or buy?
Both building a new home or buying an existing one can be good choices. You’ll typically pay more for a new home, but it will likely need fewer repairs and have lower maintenance costs.
Existing homes, on the other hand, are usually cheaper upfront. They may come with more issues and potential repairs, though.
2. Is it better to move or to remodel?
There will typically come a time when you outgrow your first house. When this happens, you’ll need to decide whether updating (or expanding) that property is best or if you’re better off finding a new home instead.
Renovating will come with some hassle and mess, but if you love your location or your kids’ schools, it can be a smart choice. Buying a new property would allow you to change some of those foundational aspects — things like location, school district and community amenities.
3. Is it time to downsize?
As you age and your kids move out, you might consider a smaller house. Downsizing can reduce your monthly costs, free up cash flow and reduce the amount of cleaning and maintenance you need to do.
On the other hand, it may be hard to part with your long-standing home — both for you and your grown children. You’ll also want to think about things like your budget, long-term retirement plans, physical comfort and more.
Need help making a big housing decision? We’re here for you. Get in touch today to discuss your options.
9/12/2021 10:26:59 am
Hi Arabel, I have been re-searcing for a while looking for a bigger home space for my kids and I, but at the same time trying looking at homes for sale in hilo hawaii. We are waiting for your response on the house we put in for rent on Koele St but I have been reading into your website and learn more about you and your expertise in your area of work. If whatever the outcome is for the rental home, we would very much like to consider you in helping us find a home to buy. It is the other reason why I had my daughter send her application for your review. That is my family with my 2 older kids who live in Washington State.
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