Barbara Corcoran Shares Why She’s Selling Her ‘Dream’ NYC Penthouse: 8 Signs You Should Make a Similar Move
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Peter Burns
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Levi Leidy
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You may know Barbara Corcoran from the hit TV show “Shark Tank,” but she boasts many other credentials, including being an author, investor, speaker and businesswoman. Recently, Corcoran broke the news in an Instagram post that she’s selling her dream penthouse, despite vowing to never leave it.
Here are some reasons that Corcoran, along with others, decide to sell their homes — and if it might be the right choice for you, too.
Better Accessibility
In her post, Corcoran stated that selling their home and moving into a one-story house is a better fit for her and her husband. As people get older, they lose mobility. The magic and nostalgia of a dream home begin to take a back seat to the pain and inconvenience of going up and down stairs or taking long walks through rooms.
Finding a home with better accessibility might include wider doorways, walk-in showers, grab bars and better lighting, all of which can make a big difference in old age.
Downsizing
If your finances aren’t great, you don’t use all of your space or you want a simpler lifestyle, downgrading to a smaller home may be a great idea. Downsizing can free up home equity, lower mortgage payments and drop maintenance costs.
Upgrading
One of the top reasons for moving is to get a newer, better or larger home. You might think you’ve bought your dream house, but years later, you realize you can afford an even better one. If you start a family, you may want a home with more rooms and an upgraded kitchen for a better quality of life.
Moving Close to Family
Family members can provide emotional support, assistance with day-to-day tasks and instant relief from loneliness. So, it’s no surprise that moving closer to family members is a big reason some people decide to sell their homes. Being near loved ones improves your quality of life by reducing stress and sharing responsibilities like maintenance needs or planning life events. Having relatives nearby can be especially helpful for new parents and retirees.
Job Relocation
Taking a job in a new state or city usually means you’ll have to relocate to go to the office. However, you might choose to move even if you’re a short distance away from your new gig. If you work in a large city and your new job is in another area, it might be worth moving to shorten the commute time and lower the costs. For example, if you live in Los Angeles and take a role on the opposite side of the city, staying put could mean stretching your commute from 20 minutes to two hours.
Many companies have also begun slashing work-from-home policies, causing employees to return to the office. This means some employees currently working from home may need to move closer to their offices to keep their roles.
Better School District
If you’re raising children, you may choose to relocate to take advantage of a different school system. Moving to a specific district may make your children eligible for schools with better teachers and reputations. Parents of young athletes may want their children to play for teams run by specific schools or coaches as well.
Moving To a New Area
If life gets a bit stale, moving to a new state, city or neighborhood could spice things up. New areas bring new opportunities like hobbies, friends and communities that could benefit you and your family. Having more money later in life can also lead to new opportunities. That house on the lakefront or property in a sunnier state might be more affordable now than when you purchased your current home.
Another reason to move to a new area might be moving on from something holding you back. You may want to shed bad influences or a toxic social circle and start fresh. Likewise, staying in your current area may mean being haunted by an unfortunate memory or relationship, making moving a good option.
Making Money
If you own a home, even your dream home, you might consider selling it if the price is right. Several factors can positively or negatively affect the value of your home, such as its location, size, condition, interest rate and the market conditions. Adding renovations or additions can also increase the value of your home and make it more appealing to sell.
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Source
- Instagram, Barbara Corcoran
