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Some people buy a house and that is the house that they will live in for the rest of their lives, they make up a small portion of people out there, but they do exist. However, the majority of people buy a starter home and then they decide to upgrade. Many people upgrade for different reasons and they are all valid reasons. The three most commons reasons why someone upgrades their home is because of their job, they want to sell their current home during a strong market and because of their family. We are going to go over the benefits and the situations that may arise that would cause someone to upgrade their home. The first one is moving due to work-related circumstances.

For most people aside from their family life their career is the most important part of their life. “Having a career is very important in life due to the following reasons: It gives a sense of direction to our life. It offers a sense of purpose in life by deciding on different career goals and progressing in your career gives a sense of satisfaction to us.” So for most people, it makes sense to move or upgrade your current home, in order to enhance your career. You either move because your job is relocating you, you want to reduce your commute, or you’ve been given a salary increase and are looking for an investment property. It turns out that one of the top reasons people move is because of their work. “According to MyMove.com’s consumer insights study, which surveyed 8,000 consumers, including 6,300 who had either moved homes within the last 12 months or are planning to move within the next 12 months, a new job or a transfer is consistently among the top five reasons that people move. ABout half of them (49%) relocated to another state or out of the country.” Another reason people move is to reduce the commute to work. It is believed that having a long commute to work can be detrimental to your mental health. “Starting your day with a poor commute can affect your mental health and set the tone for the rest of your day.” This includes different forms of transportation. “Not to mention whether you’re in your car in traffic or your bus is delayed there’s usually an element of your commute that you can’t control.” Moving somewhere that reduces your commute from over an hour long to something that is 30 minutes or less can be very beneficial to your life. Next thing people usually buy a new house for an investment opportunity. “A home with an extra bedroom (or bathroom) will likely fetch a higher sales price too… Having too much home is only a problem if you can’t afford it. It’s not a bad problem to have, whereas to little of a home doesn’t leave you with many options.” Moving to enhance your work life or because of your work life can help you in many ways.

Another reason why someone may decide to upgrade their home is due to a strong market. When people are upgrading their home they want to get the most bang for their buck. So it makes sense to sell your current home when you can get the most value for it. Yes, this also means that you might pay more for your new home but it won’t matter that much when you’re ready to sell. “A seller’s market is the best time to sell. There is a backlog of buyers building up, waiting for your house to come on the market. If they are like some of my clients, they check MLS every day (a few times a day) for new listings.” Having a lot of people who want to purchase your current home is a good thing, and a little competition on purchasing your new home can help make sure you grab the home you want.

Finally and quite possibly the main reason people move is for family reasons. If your family is growing because you are having or planning to have children, or maybe you plan on moving in an elderly family member. Whatever the reason family comes first and you want them to be comfortable in the home they live in. Sometimes you want more yard space, more rooms or you want to be closer to a better school district. “The number one advantage of buying a larger home is that you can grow into it. And chances are you’ll be growing if you are in the market to buy a home.” Also when you buy a bigger home and all your kids grow up there are the financial benefits of selling your larger home. Which can certainly help with retirement? “Generally people end up with more house than they need after the kids have left the nest, leaving aging parents with more space than necessary. The upside is this larger home can provide more of a nest egg for the retiring couple if and when they decide to downsize.” There also isn’t really such thing as having too much house. “You rarely hear people complain that they bought too much house.” Another reason to upgrade is sometimes people need to move an older relative into their home. Maybe Mom or Dad has lost some independence and putting them in a home isn’t something you are comfortable with. It is quite common for older relatives to move in with their children. “Adults who live in someone else household typically live with a relative, today 14% of adults living in someone else’s household are a parent of the head of the household up from 7% in 1995.” Whatever your reason family seems to be the primary reason to buy a new home.

All in all, people are going to buy a new home for different reasons and all are valid. These 3 were just some of the main reasons why people purchase a new home instead of staying in their current home.

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