Housing is certainly a hot topic right now. I suppose it always has been, but with the combination of inflation, high home values, and now soaring interest rates the questions surrounding what’s best to do has gotten a little confusing. Let’s start with a story, dive into those questions to ask before you make a housing move, and hear from a few local experts to weigh in on the topic, as well.
Let’s travel back to 2008…
James and I are newly married living in my little tiny 800 square foot condo with a lilac grey bedroom that I painted myself. He’s in love with me, but not the color of the walls.
We’ve decided that the next best thing to do is buy a 3-bedroom home for the two of us, further away from work out in the suburbs where all the grown-ups live. With a high interest rate, and an unknown impending recession on our hands, we buy paint from Home Depot by the truckload and furniture to fill all the rooms.
We watch as our neighbors foreclose one by one. We later rent out that home at a loss and wonder if purchasing that home was best…maybe we should have stayed in that sweet little condo as newlyweds.
We’ll never know for sure, and we certainly can’t change the past.
Fast Forward 14 Years To 2022 to a Hot Housing Market
Our family has doubled in size. My husband is clearly outnumbered with three girls in the house and we’ve filled the rooms of our 3-bedroom home in the burbs (different house on the opposite side of town) to the brim with growing girls. Do we stay? Should we go? How do we find more room to stretch out and more office space for our changing work dynamics?
We watch as our neighbors sell and buy larger homes on larger lots. We wonder if we should do the same…
I’ll admit…. we waffle.
I might waffle more than my husband does. I love the idea of a slightly larger home where we all have a corner of the kitchen, I can stretch out in an uninterrupted office space during the day, and turn our home into another income generating property.
But, we’re not far from having this home paid off. Which certainly does have it’s appeal – no mortgage payment, still having extra income coming in from the garage apartment rental, more flexibility for either working a little less, or traveling more…or both.
Contentment is a funny thing, isn’t it?
Oxford Dictionary defines contentment as “a state of happiness and satisfaction.”
A state of being. A feeling. Like when you’re full after eating that delicious Thanksgiving dinner, but not stuffed to the gills. Or you look around at your sweet family during a moment when everyone is getting along, and you smile. Maybe it’s having a few quiet moments to yourself and just being.
How can we apply this idea of contentment to something so tangible as a home?
It’s really this frame of mind – being content, having something “good enough” for the season of life you’re in, where you aren’t focusing on continually needing to upgrade/update/uplevel to the next thing. It’s simply being okay with where you’re at, and enjoying what you have.
Is it time for you to be content with where you are? Maybe, maybe not.
There are plenty of times, seasons, or situations that call for us to settle down and CHOOSE contentment. But there are others where some DISCONTENTMENT can spur on positive change and growth.
Off contentment soap box, and on to those big questions to ask yourself before making a move.
6 Questions to Ask Yourself Before Making a Move
1. Do you love where you live?
Let’s be honest, there isn’t likely a “perfect” home that checks all the boxes, for all seasons of life. But you can certainly love where you’re at. Or do you at least like it a lot? If you’re hating it for 27 different reasons this was an easy answer – but if you have to really think about your dislikes, that’s not a bad spot to be in.
2. What are your 5-10 year goals?
Not your housing goals but your life goals. Fast forward. What will you be doing for work? Where will your kids be? What’s your pet situation? What does travel look like for you? Consider that next season or two of life.
3. Now, does your home support your needs for the next 5-10 years?
Now that you have a vision for the next decade; does your current home support that picture you’ve painted? Do you need more home? Less? Is the location ideal for that next period of time?
4. Can you afford to make a change?
This is an important question. Being “house poor” is a thing – and not something I recommend. You don’t want to stretch into a home that takes away all of your fun money; be mindful of that. Sacrifice a few things, sure. But don’t make your budget so tight that they most fun thing you have to do on the weekend is simply sit in that new home of yours. Do the math and make sure that you can comfortably afford a move.
5. What does it look like to remodel versus move?
Don’t toss the baby out with the bathwater. Strangest analogy ever. But what if with a few revisions you could make your current home into what you really desire or that fits that next 5-10 year stage for you? Before you double your housing budget, maybe you could make some changes for significantly less dough? Just a thought. Paint that picture and include it in the comparison.
6. Why do you want to make a change?
I know that I asked the question earlier about if you love your home, but I want you to be true to the WHY that’s driving your desire. Does it have anything to do with what your friends, family and neighbors are doing? Is there any part of you that feels like you “deserve” something different? Our motives are varied, and you may be well deserving as well as just going with the flow like others – just be clear to yourself on your why. Don’t get caught up in other people’s choices dictating change for you.
Here’s what the experts say…
Now that we have gone over my thoughts on 6 questions to ask before you make you make a housing move, let check in with a few experts. I’m wanting to make this a robust resource, so I queried leaders in the housing industry to answer a few questions for us.
Noelle Denton, Delavan Property Management – What is the process for renting out my home if I decide to buy another one? Or just want to do more traveling for a period of time? #askingforafriend ?
Noelle’s response:
“The first step is to sit down and have a chat with myself! Our meeting will generally take about an hour and we are able to go over all the ways Delavan Property Management provides value to you and your asset via our property management services. You are able to deep dive during this conversation and ask any questions you may have. We want to ensure that you feel safe with our company and that our values align in keeping your asset in great condition! After the meeting, if you decide to choose Delavan to manage your home, we send out our Onboarding Packet for signature.
Once that is signed, we conduct a New Property Walkthrough to check the home for any repairs that are necessary as well as suggest areas that may need a bit more attention to get your home to the highest market rate. Any recommended or optional repairs are always up to the owner’s discretion but anything that is deemed health and safety must be fixed before the home goes on the market.
We arrange for professional turnover cleaners, carpet cleaners, landscapers, and handyman/contracting services to take place efficiently. Once those items have been taken care of, we go out, take listing photos, and get your home on the market with a high rental rate. We conduct showings and screen all applications that come in. Our screening criteria is quite strict so we receive applications until a good match that fits all screening criteria occurs. A lease is created and signed!
We schedule a move-in promptly once the lease is signed. We then conduct multiple yearly walkthroughs to ensure your home is being maintained properly by the tenants. And, conduct any repairs that come our way while your home is rented.”
If you are looking to sign your home over to a property management company in the Portland metro you can connect with Noelle at 503-966-1448 ext 709.
Adrian Schermer, Director’s Mortgage – What’s the best way for a first-time home buyer to get into a home in today’s market? What ducks do they need to have in a row?
Adrian’s response:
“The best way for a first-time home buyer to get into a come in today’s market is to start at the pre-approval process. There are lots of solutions depending on situation including more than one 0 down option. The biggest thing I can say is that if you want to buy your first step should be getting financing in order. Unlike most other finance products, you don’t need to know your purchase price right off the bat – it is a much more consultative process where we explore the client’s financial profile and give them guidance on how much they can afford and the pros and cons of different options. Armed with that data they can dive into the process of finding the ideal home. I’ve had clients that were pre-approved stretching for YEARS before finding the right home often working to improve their situation in the process.”
You can pick Adrian’s brain or work on your pre-approval by emailing him at [email protected].
Jen Orr, Studio Red Interior Design – What are the key remodel areas/rooms that help owners love their current home, and/or bring top dollar for resale?
Jen’s response:
“The key remodel areas/rooms that help owners love their current home, and/or bring top dollar for resale are always going to be kitchens and bathrooms. When updating your kitchen not only are you updating the aesthetics, you are updating the functionality of the space which is something that people are always looking at when they are purchasing a home. A beautiful and functional kitchen is going to give you a big return on your investment. The next room would be bathrooms, especially the master bathroom. Everyone loves a good sizzle feature in the master bath. A soaking tub, a steam shower or heated floors. Adding one or more of these features increases the value and the enjoyment of your home. So when thinking where to invest in your home kitchens and baths are always a win, and don’t forget to consider throwing in a few sizzle features!”
Connect with Jen on Instagram to see some of her beautiful work and talk sizzle features!
Just remember…
My goal for you is to have confidence and clarity in your next move in the housing market. Get advice, ask for others’ opinions, and then do what’s right for YOU.
Whether you decide to stay, sell, buy, relocate or some combination of the above – I want to leave you with this. It’s just a house. Wherever you go, whatever you do – the people and memories within it make the home. What’s that cheesy saying? Home is where the heart is? Truth. Cross stitch that and hang it on the wall.
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