Before you decide to pack up your belongings or purchase a new home, take some time to consider your options and reflect on your reasons for wanting to move. Are you looking to downsize your space? Be closer to family? Move into senior living to get the support you need?
It’s possible that some or all of your concerns could be addressed by making some minor changes to your current home, instead of finding a new one altogether. Truehold’s Sale-Leaseback is one option that enables you to continue living in your home and community without worrying about home maintenance, property tax, or senior living expenses. You can read our FAQs to learn more about our solution for homeowners.
Here are 6 questions we recommend asking yourself before deciding to move:
As our lives change, we might find our current homes either too large or too small. When your last child has moved out, for example, you might have one or more empty bedrooms. You don’t need to keep heating or cooling those rooms while they collect dust. Some homeowners realize that what they’d really like at this stage of their life is a smaller, cozier space that’s easier to clean and care for, and cheaper to heat and cool.
On the other hand, you might prefer the additional space. Whether your grandkids want their own bedrooms when they visit you, or you want a bigger garage for your cars, a large home might be best for your lifestyle.
Ask yourself how much space you need now, and how it might change in the future. If you have more space than you currently need, can those extra bedrooms be repurposed as storage spaces, rented out to university students, or used as guest rooms when your family comes to visit?
Figuring out your space needs will help you decide whether you should move, and what type of housing you should select.
The current real estate market will be one of the biggest drivers of your decision making. If selling now means taking a loss or not getting as much money as you expected, it might be best to wait.
Unfortunately, it can sometimes be difficult to predict trends in the real estate market. While house prices in many areas increase over time, there will be periods where the market dips. Talk to local real estate professionals to get a better sense of where the market is going and whether it is in your best interest to sell your home now.
It’s not impossible to make a decision quickly if you think it's a good time to sell. Even so, it’s a good idea to take your time so you feel secure that you are taking the best path.
For some people, moving may simply mean relocating to a new house around the corner or settling into the neighborhood next door.. If that’s the case, your adjustment will be much easier than if you were to move to an entirely new community. If you’re still able to continue with your same activities and social life, then your transition will mainly involve redecorating and choosing where you are going to put your furniture.
If you are moving farther away, however, it’s important to spend some time preparing to navigate the adjustment. If you don’t know anyone in your new area, make plans to join neighborhood organizations or faith communities and attend local events.Spending sometime in your new location before moving can help make the adjustment easier.. Just remember that visiting a new place is always going to be different than actually living there, but visiting may give you a better understanding of the lifestyle adjustments you’ll need to prepare for.
The market might be fantastic where you are selling, but if the place you are moving to is very expensive, you’ll get much less for your housing dollar. You may need to make peace with downsizing to a much smaller and often older home to afford a home in a more expensive area.For some, it’s worth it. You can also consider alternate cities, or staying in your current home.
Remember that selling your house doesn’t mean you have to move. With Truehold’s Sale-Leaseback, you can sell your house for cash, and then lease it back with easy payments.
Expect to pay a premium for a new or recently renovated house with all new appliances, bathrooms, and a modern kitchen. Buying a newly remodeled home also carries the disadvantage of being less customizable to your wants and needs.
Remodeling a home to your specifications gets you exactly what you want, but adds time and expense to your move. oCompare different properties, and think about how the timing and finances work with your lifestyle. If your end goal is a home that matches your current lifestyle, you might consider contractors to renovate your house instead of moving to a new one. Truehold’s Sale-Leaseback is one option that allows you to stay in your home as long as you’d like as a renter, without having to deal with maintenance, repairs, and home upgrades yourself.
If you’ve lived in the same home for decades, the idea of a new house may seem particularly exciting at first. Ask yourself, Do I really want to move to a new house? Or do I just want to…
If you answered ‘yes’ to some or all of these questions, moving to a new house may not be in your best interest after all! Here at Truehold, we’re committed to helping homeowners like you improve their wealth and well-being without dealing with the challenges of packing up and moving to a new place. Give us a call at 314-353-9757 to connect with a Truehold Advisor and find out if our Sale-Leaseback is the right alternative to moving for you.