I feel like this global health crisis has made so many of us rethink our lives - what we value, what we enjoy, where we spend our money, where we live, what we need in life and more. In a time when there are so many uncertainties we've had to change the way we live, and that may include changing how we approach money or the home we live in.
Many of us have gone from a daily commute to working from home which created a challenge all of its own. If you were used to working in a quiet remote office, it would be quite an adjustment to working on the kitchen table surrounded by loud children, or noisy neighbors. Many people have had to rethink their living arrangements because this turned out to be a longer term situation than many of us had originally thought. Some people had a smaller living space, but now need a home office so they're looking to purchase a larger home. Or perhaps you're in the opposite boat, and were in a large home which you now can't afford due to financial strain of this pandemic and you must downsize. A third scenario would be maybe you have the space, but just need to reallocate how your space is used. Your former dining room may need to become your office for the foreseeable future. There are many ways to create a home office so you can remain in your current home. You have to think about your living situation to determine which is the right decision for you.
I have always been a planner and saver and in times like these I am grateful for my Plan B's and Plan C's, but not everyone thinks like I do. This is why being wise with the money you have, especially when planning to purchase a home, this is crucial! There are many ways to make your money go further and ways to stretch the money you have. Stopping unnecessary entertainment services, perhaps going from two cars to one is not a feasible option, or perhaps lowering a cell phone plan because you're all together now would be an option. The first step should be eliminating all non essential costs so you know what you have to work with moving forward!
If purchasing a new home is in the cards for you, either because you can't maintain the home you have, or because you need more space than you have, there are many sites that help you calculate what your mortage would be and see what you can afford. Look at your costs each month against your bills and expenditures. The amount you have to spend may be less than before this pandemic, but you should work within your means and only look at homes you can easily afford. I feel it's always smart to plan for an emergency, so you aren't stuck when one arises.
So regardless of the situation you find yourselves in, this health crisis has made all of us stop and think about our lives. What is working? What is not working? What do we need to change? If you need to make some big changes in your life, it's always helpful to do research, talk to trusted sources, and make decisions when you have ALL the information.
Stay safe and keep on going!