We’ve had a crazy couple of months around here.
Making big life decisions…
We’ve been thinking about selling our home and purchasing property to build a new home. In fact, our house is currently for sale as we found a beautiful property across the lake from us that we hoped to build our dream home on. As much as we absolutely love our home and are loathe to leave it, we’ve also always wanted to tackle building a home from scratch. Truthfully, we aren’t sure whether it will happen and how it will all work out, but at this point we’re putting it out there and seeing what is to come.
It’s been exciting and stressful all rolled into one, and we still aren’t exactly sure where the chips are going to fall. It’s easy to get caught up in the excitement of buying a new home or buying a property to build a new home; but there are so many additional factors and costs to consider when making such an enormous decision.
Owning a home is not something to be taken lightly, whether it’s your first, third, or tenth time.
When thinking about moving, do you ever consider how much it can cost you to sell your home first? In many of today’s hot real estate markets, it could cost you thousands and thousands of dollars for real estate commissions, legal fees, and taxes. You need to be aware of and carefully calculate these costs when making the best decision for you and your family, as the costs associated with selling can take a big chunk out of your down payment for your new home or property.
There can be a lot of stress not just around selling and purchasing a new home, but even more if you need to renovate as well. Having lived through the process many times now, it is definitely a factor to consider when thinking about owning a home. As much as I absolutely love renovating and seeing a home transform from something dated to a beautiful and comfortable space for our family, I have to account for the amount of time, energy, funds, and it will require in addition to the strain and stress it will place on our family.
It’s all a big decision, and one that has huge financial ramifications. Thankfully we have an advisor that we work with to help us navigate this tricky side of life. I also found that the Life Moments section on the Sun Life Financial website shares all kinds of super informative articles all about the various factors to consider when thinking about buying, selling, and owning a home. For example, did you know how expensive it actually is to sell your home? The amount of money it will cost us directly impacts the funds that we will have available to build, and is a huge consideration when trying to determine whether it makes financial sense to go this route or not.
So, at this point, it is a wait-and-see game for us. We aren’t sure if we will end up staying where we are or whether we will be purchasing a new property to build a new home. Either way, we are truly thankful for all we have and know that the most important part of our home is the people who are in it; not the walls that surround us.