As a parent, I have earned the title of Empty Nester. With this title comes a bit of sadness but also a newfound sense of freedom in that the purpose of my home has changed. Rooms that used to belong to my children may now be repurposed to fill new roles, like a home office or a personal gym. As a real estate broker for Eugene and Springfield, Oregon, reflecting on this life change has made me more aware of the effect life transitions have on home ownership. Whether it is due to the birth of a child, a job transfer, or a significant shift in a family-member’s mobility, change happens and brings about the challenges of right-sizing your home to fit different needs.
Anticipate Change
Many of these changes can be anticipated, enabling a buyer to purchase a home that accommodates their current lifestyle and family make-up. For example, consider the popularity of a floorplan that puts the master bedroom on the main level of the home, thereby allowing for aging-in-place.
Other events cannot be anticipated, such as unemployment, or the loss of a spouse. These untimely shifts, and the possible downsizing that accompanies them, can be more easily accommodated when homeowners take pro-active measures to keep their home market-ready.
Protect Your Real Estate with These Home Owner Priorities
First, stay ahead of home maintenance. Prioritize roof and gutter cleaning. If there is peeling paint or discoloration in your home’s vinyl flooring, root out the cause and make the repairs before they cause significant damage. By proactively maintaining your home, you can refinance or put your house on the market more quickly, without having to discount the value for deferred maintenance. You also avoid the necessity to bring cash to the transaction to meet financing standards, or buyers’ expectations for condition.
Understand the Value of Your Home
Second, stay abreast of the value of your home. Just as your financial investor sends you monthly portfolio updates, so should your Realtor send you periodic updates regarding current market trends specific to your home. Though it may be tempting to rely on real estate websites like Zillow for this type of information, a Realtor is the best resource to identify significant variables in home value such as amenities, deterrents surrounding the home, or the functional obsolescence of your home’s floor plan. Real estate values also are impacted significantly by school district, municipalities zoning and overlays, and other unique characteristics. It is critical that you keep your finger on the pulse of real estate listings that are similar to yours, as understanding your equity position empowers you to respond to financial storms with confidence.
Allow for Aging In Place
When my children left the nest, I found myself thinking of a quote by the Greek philosopher, Heraclitus. He says, “Change is the only constant in life.” By preparing our home for the changes we can anticipate, as well as those we cannot, we optimize the outcome of our current and future home investments.