In the business world, a phrase that’s often used is ROI or Return On
Investment. It refers to the regular gain (or loss) you’re getting from a
particular asset relative to its cost.
When it comes to your home, the gain may be more than financial. It
may include the benefit of the lifestyle it gives you. For example, a
spacious backyard deck pays off in countless pleasant Saturdays with
friends and family. A home’s location near convenient commuting
routes means less stress getting to and from work.
Lifestyle factors are important, not only when considering where you’re
living now, but also when considering where you think you’d like to live
in the future.
That’s why it’s a good idea to do a Lifestyle Assessment regularly. The
exercise is simple. Make a list of all the lifestyle characteristics you
want in a home, as well as a neighbourhood. Think about how much
room you need, the kind of neighbourhood you want to live in, your
hobbies and interests, what’s important to have nearby (such as
schools), and so forth.
The next step is to prioritize. Move items on your list around so that the
most important lifestyle factors are at the top.
Finally, review the list and check off those lifestyle factors your home is
currently providing.
If you’re able to check off most (ideally, all) of the items at the top of
your list, you’re in pretty good shape. Your current home is probably
giving you the lifestyle you want.
But if some important lifestyle factors are unchecked, it might be worth
considering whether buying a new home will give you a better “Lifestyle
ROI”.
If, after doing this exercise, you’re curious about how to get into your
ideal home, call me.