Finding a home that fits with your lifestyle will have long term benefits that are more than just financial gain. For instance, a great location near your workplace, or your children’s school will save lots of rush time in the morning. Furthermore, if you love having family and friends over, you may want a large backyard to be able to host summertime BBQs or Thanksgiving dinners. The list can go on… It’s important to note that it will be hard to find a home that checks off all the boxes on your wish list, so you’ll have to set your priorities and choose a home on the market that fits most of them, that will be your best ROI (return on investment).
Lifestyle factors are important, not only when considering where you’re living now, but also when considering where you think you would like to live in the future. For example, if you plan on having children in the next few years, it may be beneficial to find a home with more rooms and more space.
That’s why it’s a good idea to do a Lifestyle Assessment regularly. The exercise is simple. Make a list of all the lifestyle characteristics you want in a home and a neighbourhood. Think about how much space you will need, where you will want to live, as well as your hobbies, and interests.
The next step is to prioritize. Move items on your list around so that the most important lifestyle factors are at the top. Finally, review the list and check off those lifestyle factors your current home is providing.
If you’re able to check off most or all of the items at the top of your list, then you’re probably good to stay where you are until you do your next Lifestyle Assessment, because your home is probably giving you the lifestyle you desire. You may want to just do some renovations if you are concerned some aspects of your home are getting a little outdated.
However, if the important lifestyle factors on your list are unchecked, it might be worth considering whether buying a new home will give you a better ROI on your lifestyle. A home that matches your lifestyle will generally make life a lot happier.
If after doing this exercise, you’re curious about how to get into your ideal home, give me a no obligation call at 416-839-9253. I would love to help you find a home that you will love for the next chapter of your life.