Life is a journey and it’s full of change.
Just like life, your property journey is influenced by the decisions you make and what happens in your life. For most, any decision to buy or sell a home is a major life event. Home is where you grow and create memories, which is why we get attached to our homes. There are many life events that can influence your real estate decisions. They can range from personal milestones to professional changes, all of which can have a significant impact on your housing needs and preferences.
When you decide to buy or invest in property, your decision is weighted on your stage of life. Your current family dynamics, health and work situation all play a significant role in real estate decisions. In this blog, we will explore some of the key life events that can influence real estate decisions and how they can impact your choices.
Getting married
Getting married is a major life event that often triggers the desire to purchase a home together. For some, it could mean upgrading to a larger home that accommodates both of your needs. While for others, it could mean finding a home that is suitable for starting a family. In either case, it's important to consider factors such as location, budget, and your future plans when purchasing a home. Additionally, it's essential you ensure you are both on the same page about what you want in a home to avoid conflict down the road.
Having kids
Having children is another significant life event that can notably impact your real estate decisions. As your family grows, you may need to purchase a larger home or find a home in a family-friendly neighbourhood with good schools and ample outdoor space. It's essential to consider factors such as school zones, commute time, and access to amenities. Additionally, it's important to think about how your family's needs may change over time and ensure that the home you purchase can accommodate those changes.
Space is king when you have kids. Make sure you find a home that has the storage you need. You also want space for your child to grow.
Job changes
Career advancements or changes can be exciting. Sometimes decisions you make at work can impact your housing needs. If you receive a promotion that requires you to move to a new city, you may need to sell your current home and find a new one in your new location. You may also have changes at the office which may mean you can work from home. This may mean you need a house with a home office to give you a better lifestyle. Alternatively, if you lose your job, you may need to downsize to a more affordable home.
When making a real estate decision based on a job change, it's important to consider factors such as the cost of living in the new location, job stability, and future career plans.
Retirement
There is a time in all of our lives when you want to step back from work and enjoy life. You might even want to change your living situation. Many retirees choose to downsize to a smaller home or relocate to a more affordable area. Downsizing also gives you a great opportunity to go through all of your stuff and have a good clear out.
At this stage in your life, you might be ready to purchase a holiday home. A property near the water or somewhere warmer could be an ideal place to escape to. If you want a little more income, you could turn it into a seasonal rental. Investment properties might be another way to secure you income in retirement.
When making a decision about where to live during your retirement, it's essential to consider factors such as proximity to family, healthcare facilities, and access to amenities.
Divorce
No one gets into a marriage expecting to get a divorce. This emotional chapter of life can be a major disruption. In this situation, some people may choose to sell their property and spilt the earnings. This can be a very difficult process for all involved. Possessions often make up a big part of disagreements, but it doesn’t have to be like that.
If you are selling in this situation, you need to have clear communication, while respecting each other’s boundaries and needs during this time.
Once the divorce and sale of the home is done, you may need to buy a new home that accommodates your new lifestyle and budget. When making a real estate decision based on divorce, it's essential to consider factors such as legal agreements, child custody arrangements, and financial stability.
Health issues
Another challenge that may change your living needs are health issues. If you or a family member has a disability or mobility issues, you may need to find a home that is more accessible or has features that accommodate those needs. In this situation you will want to consider factors such as home modifications, accessibility to medical facilities, and proximity to family and friends when searching for the right home.
Financial windfalls
Everyone dreams of winning the lottery or receiving some extra cash. Whether you got lucky with your lotto numbers or are left a significant inheritance, financial windfalls impact your real estate decisions. You may choose to purchase a larger home or invest in rental properties to generate passive income. When making a real estate decision based on a financial windfall, it's essential to consider factors such as taxes, ongoing expenses, and the potential for rental income.
Recessions
Life is full of ups and downs, and the economy is the same. While it is nice to be riding the good times in the economy, at times the economy shrinks, triggering a recession.
During tough times, homeowners and buyers may have to reassess their finances and investments. This is also a time when some have to make difficult decisions to save themselves from economic strife. From selling a home and downsizing, to opting to rent instead of entering homeownership, a recession might mean having to change your living arrangements to accommodate this economic shift. For example, many people might be faced with job loss or simply cannot afford to enter the housing market. You don't want to be in a position of not being able to pay your mortgage increases.
Life events like these aren’t easy. With 95 years of experiencing the ups and downs, LJ Hooker is here to help.
Life events can significantly impact your real estate journey. Whether you buy, sell or invest in property, it will be very rewarding. Not all of these decisions will be easy, but they will all be important.
When navigating these significant milestones, being prepared is your best advantage. The next step is to talk with a real estate expert who can walk you through the property options available to you that can help accommodate these events.
With 95 years of experience, LJ Hooker understands how to deal with almost every scenario. It’s our job to guide you through your real estate journey, whether that’s buying/selling or investing.
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