Should You Move?
Sep 16, 2020
On average, people move 12 times over their lifetime. Demographers attribute most moves to changes in life circumstances: new job, marriage, kids, and so on. The data bears it out. Most moves are front-end loaded. By age 45, the expected number of moves is shy of 3.
But what about 2020? This year has been a litany of body blows from a pandemic, economic recession, political strife, urban unrest, hurricanes and fires. There are plenty of reasons to wonder if your current home is the best place to weather these times, irrespective of whether there is a change in life circumstances.
While the media has highlighted people moving, in some cases with buyers purchasing houses across the country without having physically seen them, the trend may be overblown. Many of the recent moves may be people accelerating a decision that was already in the works. For others, a move may be temporary until life returns to normal.
Regardless, it is best to carefully weigh moving to a new location, particularly as we get older.
Pros of Moving
Moving can offer the prospect of being part of a better environment.
Climate change is an increasing concern, with some places affected more than others. I have a friend who lives in Northern California who may move out of state due to the increasing frequency of wildfires. For him and his wife, it’s not just the risk of losing their home, it is the ongoing stress from the threat of a fire that hinders peace of mind. They find it hard to sleep during the ever-increasing wildfire season.
Where you live matters. If you are in a place where are you not flourishing, better alternatives exist. If you are socially isolated, finding a place where it is easy to make friends could be worthwhile. If you live a sedentary lifestyle but wish to be more active, a move to a locale where activity is the norm could be helpful.
Moving can elevate financial wellbeing. For homeowners, selling a home and moving into a less expensive rental apartment or house can free up capital to help fund retirement. Homeowners are often not aware of the true costs of ownership and the risks of having a meaningful illiquid asset.
Lastly, a move can help with successful aging. There are over 400 age-friendly communities in the country. These communities have taken specific steps, through outdoor spaces and buildings, transportation, housing and more, to make life work better for all ages. A home in an age-friendly community with age-friendly features, such as single-story living and bathrooms with slip-resistant tiles, can be a wise choice for the long-term.
Cons of Moving
One of the biggest risks is assuming that a new location will necessarily lead to a better life. If you’ve lived in a place for a while, you likely have a network of friends and knowledge of the area, a valuable commodity that takes time and effort to replicate in another place. The elements that you appreciate about your current home may not be possible in a new environment. A move may lead to a worse situation.
Moving is expensive and takes energy. If a move involves a house sale, transaction fees and taxes can be meaningful. Moving costs, especially if across regions, can be many thousands of dollars. It also requires a lot of energy to move, particularly if there is downsizing involved. Decluttering can be exhausting.
The wrong move can be hard to undo. Given the cost and energy involved, it can be difficult to return to your prior life if you so desire. When moving, it is safe to assume that you will not be able to recreate your prior life.
Best to be Patient
The headlines are not encouraging these days. There can be a temptation to make a change in the hope that change can improve our lives.
Chip Conley, best-selling author and founder of the Modern Elder Academy, lived in San Francisco for decades before realizing shortly before the pandemic that he needed a change of scene. It was a challenge for him to leave close friends and a place with many memories, but his soul was ready for something different. It was a good change.
Chip’s story may be the exception. For most of us, we may be best to stay where we are unless there is an overriding need for change. There are ways to improve your wellbeing without necessarily moving. Even a modest renovation can go a long way toward making a place work better for the long haul.
The best strategy may be to be patient and make sure you make a move at the right time and to the right place, if a move is required at all. This is far better than making a panic move. I suspect in the coming years we will hear stories of panic moves from 2020 that didn’t work out as well as envisioned.
Take the Right Place, Right Time Assessment
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