Everyone undergoes life changes. In fact, change is the only constant in life. As we advance through life, few of us can claim to live in the home we grew up in – that’s a simple statement of fact. At every central stage of life, we face a unique reality that may warrant a housing reset. Broadly speaking, we can document these stages as we move through life.
We move from our formative years through college, military service (if applicable), exploring foreign shores, settling down, raising a family, the empty-nest stage, and ultimately retirement. If we’re lucky, we get to experience all of these life stages, if not most of them. From time to time, a housing reset may be required for practical, financial, career, or lifestyle reasons.
As our priorities shift, we may find ourselves in need of a housing reset. Whether it’s in the form of upgrades, renovations, or a new home entirely, this evolutionary cycle materially impacts our lives. Our current and future needs are tested and logistics evaluated to determine how the transition can be implemented as seamlessly as possible. One needn’t be going through a dramatic life event, but the change variable is a robust driver of housing resets.
As for notable developments, sociologists highlight several important life stages that invariably necessitate a housing reset.
Marriage and Partnership
This is the big one. Whenever two households merge, this typically means that a bigger living space is required. Naturally, a housing reset means that both individuals’ tastes, preferences, and belongings must be accommodated. The preparation stage of proceedings involves a variety of factors. Things like shared financial goals, joint down-payment resources, and compromises on home design, style, décor, location, structure, and so forth may be needed. Even within this broad framework of marriage and partnership, many financing options are available.
For example, if either party in a cohabiting relationship is a member of the military, it may be possible to ease the housing reset transition through a VA loan. This is an effective solution for veterans, service members, and eligible families. Supported by the Department of Veterans Affairs, the VA home loan service offers partial guarantees to qualified credit issuers in the event of a debtor’s (mortgagee) default. A housing reset is easier with a VA loan because no down payment is required. This means that parties to the transaction can expect an expedited process, often at comparable or improved interest rates with no money down.
For everyone else, the focus shifts to stable employment, respectable credit scores, savings for down payments (to avoid PMI), and affordability measures to determine the viability of the move. Various government programs actively target first-time homeowners or indigent families with assistance to facilitate affordable mortgages nationwide.
It often takes some digging to unearth various state and federal assistance programs to make the move possible. Naturally, the flipside of the marriage-and-partnership paradigm also exists. Divorce and separation warrant a housing reset for both parties once again. The division of property and other assets reverses the entire process. It is, however, a significant life event that triggers an immediate housing reset.
Family Planning
Family planning is a clear marker for a housing reset. This is especially true if the couple lives in a small home and needs more space for a growing family. The birth of a child, or adoption in some instances, invariably warrants a housing reset. Sometimes, it’s not even the size of the house that is the problem – it’s the location.
Family planning is about the safety and well-being of family members. If a couple feels their current neighborhood is unsafe for raising children, they may be required to move elsewhere to ensure the family’s safety and security.
Location concerns are equally important – the new home needs to be near schools, hospitals, shopping centers, parks, and other desirable amenities. It’s all about diligent research for a safe neighborhood. Naturally, child-proofing the home – whether it’s new or existing – is equally important. The flipside of the coin also holds true. Once the children are fully grown, they tend to move out and start their own lives elsewhere, perhaps renting apartments before they too decide to buy.
First, they go to college, then they move out on their own and perhaps even partner up for the next chapter of their lives. When this happens, parents are left with an empty nest. This often results in what is known as downsizing – selling the bigger home for a smaller home and hopefully paying it off completely so that there’s no mortgage on the smaller property. This fits neatly into a sensible financial planning retirement portfolio.
Career and Financial Shifts
Housing resets are equally common with careers and financial shifts. Today, many people work remotely, in person, or in a hybrid setting. Jobs are no longer lifelong commitments, and people routinely change employment for career advancement, higher salaries, incentives, and other benefits. The process of career development often takes you to new towns, cities, or states.
As such, it may be necessary to sell up and buy a new home elsewhere. It’s essential to carefully research the housing market in the new location. Before making a purchase, it may be advisable to rent for a short term (up to a year) to learn about the local market.
From the financial side, anything can happen. People can come into a lot of money or go through a lot of money and end up in a bad financial predicament. Changing financial fortunes always impact where you live and how you live. When finances are tight, expenses become overwhelming, and it may be necessary to sell up and move elsewhere.
Experts recommend consulting a financial advisor in these situations, given the overwhelming nature of financial concerns about housing and stability. When people come into money – through inheritance, winnings, or a new job – they typically upgrade their housing. When people experience hardship, they tend to sell up and downsize.
Health and Lifestyle Changes
One of the most uncomfortable topics to discuss is that of changing health or lifestyle situations. When our health takes a turn for the worse, we may find ourselves in need of managed care. This can be extremely expensive, particularly for people who have not planned for it. Once again, it’s imperative to assess your personal finances, prioritize your needs (what you actually need versus what you want to prefer), and plan for retirement accordingly. Lifestyle changes can be emotionally taxing.
Getting yourself mentally prepped for a big housing reset can build or break your confidence. It’s always best to opt for a smooth transition. Often, renovations or remodeling projects come into play, such as accessible drawers, handles, doors, wider doorways, nonslip floors, readjustment of countertop heights, and gently sloping ramps and smooth transitions between rooms. All of this requires a reassessment of the financial situation, perhaps through a home loan, a line of credit, or a form of refinancing.
Frequently Asked Questions (FAQs)
A housing reset is a change in where or how someone lives due to shifts in life stage, finances, health, or priorities.
Marriage, divorce, family growth, career changes, financial shifts, health concerns, and retirement are the most common triggers.
Combining households usually requires more space and shared financial planning, which often means upgrading or relocating.
Divorce typically requires both parties to reestablish independent living arrangements, often involving selling, downsizing, or relocating.
Growing families often need more space, safer neighborhoods, and proximity to schools, healthcare, and family-friendly amenities.
Downsizing occurs when homeowners move to a smaller home, commonly during the empty-nest or retirement stage to reduce costs and maintenance.
Job relocations, remote work flexibility, or career advancement often require moving to new cities or adjusting housing needs.
Yes, short-term renting allows individuals to learn the local market and neighborhood dynamics before committing to a purchase.
Financial gains often lead to upgrades, while financial strain may require downsizing, selling, or relocating to reduce expenses.
Many people renovate or relocate to accommodate accessibility needs, such as wider doorways, ramps, or single-level living spaces.
