I’m not kidding! Now that I have your attention, is much of your net worth wrapped up in your home? Is the inevitable journey toward selling your home in order to realize your wealth is making you emotionally poor? Homes can bring us a sense of security, peace, and unrivaled joy; they can also drag us down a never-ending path of to-do lists with trips to Home Depot, arranging lawn care services, house cleaning, gutter cleaning, touch-up painting … you get the picture.
Managing home ownership is like managing any other part of your life: You manage your kids until they’re old enough to manage themselves, and manage duties such as your workweek (if not retired), grocery shopping, paying bills, etc. So how do you manage your home so that it’s a solid, healthy and wealthy nest egg?
We love to have a place to call home, to create and enjoy memories and experiences with family, friends, and neighbors. It’s a part of The American Dream … or maybe it’s A Nightmare on Elm Street! More than likely, we’ve developed routines and habits for managing home maintenance such as exterior painting, window washing, chimney cleaning, power washing, sprinkler system upkeep, HVAC servicing, landscaping, and so on.
Where am I going with all this? Is it time to rethink the value of your largest asset, not only monetarily but emotionally? Are you at a point where you think about a routine chore or honey-do list item and keep putting it off? When you first met your home, was it love at first sight? Has a bit of that homance faded, with procrastination finding its way in? Are you ignoring the never-ending to-do list?
Stop fretting! There may be a brighter future in downsizing or purchasing a simpler "lock-and-leave" solution that you can enjoy as a home base after having cashed in on your most valuable asset! Quelle surprise! There is a light on at the end of the Home Depot aisle!
Please don’t misinterpret what I’m saying; I love home ownership and help clients with listing and selling their homes all year long. I’ve come to recognize, though, that clients may need or want to be freed from the continuous responsibilities of maintenance and upkeep. There’s nothing more rewarding than being in front of your decision-making, rather than being behind the eightball.
My gentle suggestion is simple: if you’re sitting on the fence — you know, the one you keep meaning to paint without getting around to it — add up what it costs to live in your home per year, including every service and project expenditure. Is it helpful to then think about a segue to an easier lock-and-leave townhouse or condo to free up time and money to travel, and visit friends and family?
This has been a challenge to put into words, as I consider myself somewhat of a house-whisperer. I also know the importance of presenting options to clients who may not have had time or inclination to think about another avenue. If home-sizing is the next step, it begins with a plan. It may take a few years, but having the motivation to lighten your load can be the catalyst for a happier homeowner experience and broader live-beyond-one’s-home opportunities.
There IS a life beyond the picket fence. This is a new year with a new set of to-do lists, so start making a list and checking it twice; is a move to a simpler home solution naughty or nice?
Happy New Year!
Bainbridge Island real estate over the past 30 days
4 Active Residential Listings High $1,345,000, Median $847,000 Low $1,600 (Rental), Average days on market 68
10 Pending Listings High $2,350,000, Median $1,997,500 Low $1,165,000, Average days on market 104
1 Sold Unlisted Property |$248,000
54 Sold residential listings High $6,400,000, Median $991,000 Low $369,000, Average days on market 42
4 Sold Unlisted Listings High $3,725,000, Median $2,100,000 Low $1,350,000, Average days on market 0
11 Cancelled Residential Listings High $1,875,000, Median $1,050,000 Low $698,000, Average days on market 77
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