Mortgage rates have been rising lately, and you may be wondering whether to put your real estate plans on hold or go ahead and build your low-maintenance Weaver home. The reality is that while interest rates have certainly ticked up in recent months, they are still close to historic lows. And our carefree Lifestyle Communities offer a level of freedom you’ve only dreamed of.
Should I Buy a Home Now?
It’s no secret the housing market has become unpredictable recently. Many regions have seen double digit inflation in the cost of homes, driven by factors like millennials hitting their prime homebuying years, and historically low interest rates. Bidding wars, haggling, and cash offers have become the norm in some places.
If you’re asking yourself should I buy a home now, you need to consider what you can afford. Review your expenses today and determine how much of your income currently goes toward housing. The rule of thumb is to have about 25% or less going to housing. If you go to the limits of what you qualify for, does that leave you enough cash flow to cover your needs? If not, you need to reconsider what you can afford.
What is Rightsizing?
Another part of your decision process may involve the prospect of rightsizing. While living in a large home may have been ideal when you were raising a family, as you get older, the advantages of all that space are dwarfed by the costs in time, effort, and money to maintain it. This is why nearly 4 million homeowners over 55 plan to downsize or rightsize, according to The Prudential.
What is rightsizing? It is the process of moving to a home that is the right size for your needs as you enter the next phase of your life. A home that has the right-sized amount of upkeep and bills, and better aligns with a possible reduction in your income and housing requirements.
One of the main attractions of rightsizing is being able to fund your retirement with the proceeds of your home sale. Since a smaller home will likely cost less than the value of your current home, the equity of a large home can help pay your bills or give you some financial breathing room when you sell it. The extra cash can be used to support retirement finances, and have some fun traveling.
Another attraction of rightsizing is reducing your monthly bills. By selling a larger home you will be able to reduce your energy bills, taxes, and maintenance. Convenience is another inducement, giving you the opportunity to move to a location that is more suited to your lifestyle, or where you can drive less thanks to public transportation or nearby services. It could also mean moving closer to friends and family, making it easier to see your grandchildren and avoid isolation as you get older.
Rightsizing is also a great way to simplify your life, offering a more carefree lifestyle. A smaller home requires less cleaning, maintenance and chores, freeing up time to enjoy life. Rightsizing is also a great opportunity to clear out stuff you have accumulated that you no longer need. With fewer rooms and less storage, you’ll need to decide what is really important to you. Not only will this streamline your life and declutter your home, it will also make it easier for your children to clear your home when the time comes.
Weaver Homes Is The Smart Option for Rightsizing
When you step into a Weaver home, you’ll feel the warmth of a space that is just the right size. Our bright and spacious single-level homes are crafted with the highest-quality building materials as well as the greatest care. With features like low-maintenance exteriors, spacious primary bedrooms, gourmet kitchens, tons of storage, relaxing sunrooms, and age-in-place designs (all on one floor!) you have everything you need to live comfortably within your reach. In your Weaver home and community, we want you to be able do everything you want to do without having to worry about accessibility or accidents.
When you’re retired or empty-nesting, it’s the right time to think about finding a community that has your back, so you can “lock and leave” whenever you want. In a Weaver Lifestyle Community, there’s nothing preventing you from taking the leap and seeing the world, whether your destination is 3,000 miles away or right in town. Thinking about the upkeep of your home while you’re off on your journey? Not anymore. Weaver takes care of your exterior maintenance for you, so you’ll never have to worry about coming home to a mess (or any stress).
Now Is A Great Time To Buy A Home
When you weigh all of the pros and cons, we think you’ll find that buying a home in one of our Lifestyle Communities is one of the best decisions you’ll make. In fact, you may soon be asking yourself, “Why didn’t I do this sooner!” From new experiences to new freedom, rightsizing to a low-maintenance home will change your life now and in the future.