Planning Perspectives: 3 Ways To View Your Next Home

If we all had the same perspective on everything…life might be a little simpler, but also a lot more boring! To make things even more interesting, there are often multiple ways that we individually view major decisions – and the home transaction process is no exception. To help clear up the clutter of a major transition such as buying or selling your home, we encourage you to consider these three perspectives as you make the best possible decision for you.

FINANCIAL. Property is quite often the single, largest financial investment that most of us make, and plays a significant role in building our portfolios over time. Buying or selling a home is often triggered by a financial consideration, such as paying your own mortgage (instead of your landlord’s!), utilizing many of the tax benefits of home ownership and accumulating more wealth through equity. In weighing the financial impact of your next real estate decision, be sure to work with professionals who can help you consider: What is the cost of waiting to buy/sell (taking into account home prices, interest rates, potential appreciation, etc.)?; How will this home purchase or sale impact my monthly expenses, annual tax ramifications, overall portfolio (long and short-term) and retirement objectives?; Don’t forget to consider how long you plan to stay in the home, and what life changes might alter that plan. Even the best laid plans aren’t set in stone – so be sure to allow for some what-ifs (could you rent out the home if you got transferred for work, could you add another room if your parents move-in?).

Did You Know: We are pleased to work with many trusted & integrity-driven professionals in the areas of lending, financial planning, insurance and other key industries that help protect your assets. Let us know if you need an introduction!

PHYSICAL. Besides the physical process of moving yourself and all of your belongings – there is the actual day-to-day physical location, commute distance, community environment and access to the things you love to do. When considering the purchase or sale of a home, don’t forget to imagine yourself literally IN the home and neighborhood on a routine basis. Is this a place that is just fun to visit…or conducive to how you live, work & play? Take into account two key factors: 1) Location, Location, Location. Be sure to prioritize the elements that make a home’s location most attractive to you – scores of local schools, access to freeways, distance from work, proximity to the ocean/mountains/urban areas. 2)  The Not-So-Fun-Stuff. Dentists, doctors, grocery stores, coffee shops. Let’s face it – more often than you not you spend time doing the stuff you need to do – instead of what you want! Cruise the local shopping centers, parks and eateries to see if these are the kinds of places you’d go and if you identify with the people you see there.

Note: Areas change – and so will your needs. The physical location you require today may not fit your lifestyle in 10 years, but that’s okay! You’ll acquire more options as you build equity, so don’t get stuck in analysis paralysis. Focus on what makes sense for you physically, today.

EMOTIONAL. This might sound a little silly at first, but be sure to account for how your home and lifestyle make you feel. If everything feels just right in your home except the size – maybe it’s time to add-on instead? If you are looking at homes in a neighborhood where you are afraid to walk Fido at night…it might be time to rule out that area. Ask yourself: If you remove the fear of the moving process, what is keeping you in your current home? What is causing you to consider a move? If the move is necessary but not desired, what resources could help make it easier? Relocation specialists? Move managers? Family support?

Don’t Forget: Give yourself permission to consider your own feelings – not just those around you. You might be eager to buy a bigger home for your teenagers – but still feel sad about leaving behind some great memories!

When in doubt, remember that the process of buying or selling your home is just that – a process. We are here to help guide you through the variables and decisions involved whether it means a move or not. Don’t hesitate to reach out if we can act as your objective and steadfast advocate for the lifestyle you want & need, both today & tomorrow.

All the best,

Mark & Jason

team@homesofsv.com