where do we go from here?
When life changes dramatically, often your home will too. Just as the lifetime job has disappeared, so has living in the same home for your whole life. That’s where we come in.
We often have clients who know they need to move, but they can’t see how they can get what they need or want in their next move within their budget.
Their question becomes, “Where do we go from here?”
Here are a few scenarios you may recognize in your own life and how we have helped some of our clients answer that question.
Condo to Castle
For many buyers new to the market, a condo is their first move but the thought of jumping up to the price bracket of a home is daunting. Check out your numbers…by the time you account for condo maintenance fees, you may be able to afford more than you think. Fees can account for $300-$500 per month and just over $500 a month is equivalent to $100,000 of a mortgage.
Solution: If you have a good amount of equity or down payment for your next purchase, consider a home that also has a suite or basement to rent. When we moved from our first condo, we picked up a cute bungalow that had a finished basement with a separate entrance. With the rental income our monthly carrying costs only increased $150 even though our bungalow cost nearly double the price of the condo.
Couple to Family Home
As some of you may know, the price jump from a semi-detached or from a two to a three bedroom can be a big one. And when kids come along, suddenly a house can get really small.
Solution: Consider moving outside your current neighbourhood to an area that is up and coming (but something still suitable for kids!). Especially If your current home is in a prime location, the price difference could be minimal.
The kids are gone (finally) and you’re ready to shed the rest of your responsibilities. But you may not be ready for the glass tower just yet. Consider your lifestyle. You may be wanting to downsize but your hobbies might not let you. Or you are ready for a place that lets you turn the key and run.
Solution: Consider a townhouse or try to find a home that just requires less maintenance and is still function but smaller. True loft conversions can be interesting if they lend the space to do what you want. Some of the new condo developments are moving towards a true hotel model with incredible amenities and outdoor space so you feel like you’re on vacation in your own home.
Whatever your challenge, there is a home out there for you – you just have to think creatively and talk to your real estate agent 🙂