According to the 2016 Profile of Homebuyers and Sellers by the National Association of Realtors (NAR), American homeowners hold on to their property for over 10 years on average – four years longer than they did prior to 2007.
But do you need to wait 10 years to trade up to a bigger home? Here are some signs that it’s time to move to a larger property.
A growing family
One of the main reasons people trade up to bigger homes is because their families are growing. They start having kids, adopting pets or elderly parents might move in with them.
When this happens, you’ll need more bedrooms and bathrooms. In case of pets, you’ll need more outdoor space. You might even need a bigger garage with more car slots when your kids start driving.
Trading up to a bigger home can help you keep the peace between family members, who need their space and privacy.
If you love entertaining people and hosting large and lavish parties, a bigger home will make your events more enjoyable. A home with a larger dining area or outdoor seating will surely be a hit with the guests.
The same goes if you receive out-of-town visitors regularly. Having a spare bedroom or guest house means they won’t have to sleep on the couch every time they visit.
Hobbies and collections
Are you a collector? Do you have hobbies that require you to bring in new materials and equipment?
It’s a given that we all need to constantly edit our living space. That means taking out a few things whenever we bring new ones in. This keeps clutter from building up and taking over our living space.
However, if you feel like you still lack space even with all the editing you’ve been doing, then it’s time to trade up to a bigger home. Instead of paying for storage, you might as well put the extra money towards a new mortgage.
Career changes and commute time
Got a good job opportunity in another state? Are you tired of commuting more than an hour to get to work each morning? Most homeowners move to another home because of career changes.
Another reason to trade up? Getting a salary raise. This means you can afford to get a bigger mortgage on a nicer home.
Access to better amenities
How has your lifestyle changed over the years? If you’ve become more physically active, then living closer to a gym, yoga studio, or sports club might be a good idea. You might even want your own private gym at home.
Smaller homes often lack amenities like fitness centers, tennis courts, spas, and lap pools. Investing in a larger home with facilities like these will give you instant access to the amenities you need.
If your home is in constant need of repairs, crunch the numbers to see if it’s worth holding on to for much longer. Decide if it’s still worth the time, stress, and money it takes to cover these repairs, and if you’ll be better off putting the money towards a bigger home that’s in better condition.
Ready to make a move? Find a bigger home in Scottsdale that can accommodate your changing needs. We are Aeris House Properties, the most reliable agents in the state. Reach out to us at 602.466.9771 and Info(at)AerisHouse(dotted)com.