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Reasons people decide to buy a new home

| May 22, 2020 | Real Estate Transactions |

Those buying a first home often do so to put down their roots, to get something a bit more permanent, and to stop paying rent. However, the statistics show that people move every 5-7 years. Plus, you likely know someone who has lived in their home for decades. For every person in that situation, you know there is someone else moving after just a year or two.

Why is it that they look for new homes so quickly? What are the top reasons that they move? A few of them include:

  • They need a bigger house. For instance, maybe a couple did not have children when they bought their first home. By the time they have two kids, they know they need more space.
  • They want to be near different schools. Again, young couples may not think about the area schools. As their children grow up, though, this becomes very important.
  • The first house proved to be a mistake. Maybe it’s too far from town. Maybe the yard is too small — or too big. Maybe they’re having issues with constant maintenance on an old house. They’ve learned from their mistakes and they want to try again.
  • They can afford more. Someone who buys a home right out of college may need to buy the cheapest one they can find to afford it. Ten years later, after climbing the corporate ladder, they can afford a house in the suburbs. They move on to something more expensive that they just couldn’t have purchased before.

No matter why someone is buying a new home and/or selling their old one, they need to know the ins and outs of the legal transaction process.

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