If you’ve been living in your small home and over the past several years have added kids, pets and all the stuff that comes with them, you have to start asking yourself: Isn’t it time for an upgrade to a new home in Tampa?
The conventional wisdom on home ownership is that the longer you own a home, the better off you are financially. Building equity over a long period of time is almost always a smart move.
However, there are exceptions.
Top Signs for a New Home in Tampa
Answering that question is not always easy. But if any of the following signs ring a bell for you, it’s time to consider moving up to a new home in Tampa, more suited to your needs.
The Family Has Grown
This is the No. 1 reason most people upgrade to a larger home, and with good reason. A house with two bedrooms and one bath seemed perfectly fine when it was just you and your significant other. Add one or two kids and suddenly it feels like being packed in a sardine can. This will not improve as the kids grow older, so it’s important to think about not just your current needs but also the future.
The Housing Market Booms
One of the big regrets for people who owned homes during the housing boom last decade is that they didn’t sell when they had the chance to make a great deal of money. If you see prices appreciating quickly, it might be time to make a move. Remember you home is an investment as well as a place to live.
The Neighborhood Changes
Conversely, sometimes neighborhoods go bad. If you are seeing homes not being taken care of or crime on the rise, it’s likely time to sell and relocate to a nicer home in a nicer neighborhood. Waiting too long can mean you house will slip in value and not recover.
You Make More Money
The smart move is never to buy more house than you can afford. However, people tend to make more money as they move through their careers, giving them a chance to get a home closer to the one they always wanted. Now could be the time to get that home with the pool, sunroom or some other amenity that is one your wish list.
Storage Space Needs Increase
Hobbies, kids, cars, your spouse’s new art studio – the number of reasons to need more storage space are infinite. But you will know when your own personal storage needs exceed the space your current home has when you find yourself tripping over things every time you move around the house.
Repair Costs Increase
If you originally bought an older home, the costs of making repairs and updating old systems can mount up quickly. Take the time to do the math and decide whether buying a new, upgraded home might actually be cheaper than maintaining the current one.
This one is hard to define, because everyone experiences different situations. Btu some examples could include:
- You like to entertain, but it’s become impossible (maybe even embarrassing) to have more than one or two people over to your place
- Your original neighbors moved, and you really don’t fit in with the new people living around you
- Your job changed, your commute is double the length and there are nicer homes closer to your office
- Either you or your spouse (or both of you) have never really loved the house and want a chance for a better home
- You want to start a new business and need dedicated space
And so on. Each person has a different personal reason for wanting a change. But while they might not make perfect financial sense, they often can prove more important in the long run in terms of your happiness.
These represent just some of the signs that it’s time to move on and upgrade your standard of living to a new home in Tampa. A good idea is to make a list of your own and talk it over with everyone in the house. Communication and careful consideration of your situation can help you make the right choice on this important decision.