Some of us are already scrolling through the media to peer into the outlook for 2023. Depending on whom you listen to, there is a doom and gloom outlook or silver lining promise, so what is homeowner’s outlook for 2023?
Homeowner’s Outlook For 2023.
As homeowners who have been planning and researching to improve on how you can live in your current home, it can be daunting and confusing. What should you do? How should you plan on moving forward?
As much as it is wise to look at the outlook for 2023 and the macroeconomic situation, it is wiser for homeowners to look at you and your family ‘microeconomic’ situation when it comes to your decision moving forward.
There is a difference between homeowners and investors. Most homeowners will stay in their homes for a longer term, Australia’s national average according to CoreLogic 2019 data, is 11.3 years.
In reality, most homeowners I have come across stay in their homes for 20-30 years. The reason is, it is a daunting decision to move home and most homeowners will avoid that.
Whereas as investors, it is a short-term game and a bigger market that they are selling their products; ie. the houses they build. They are serving the public interest which makes macroeconomics have immediate relevance to their investment decision-making.
In this writing, I would like to share with homeowners who are using your home for long-term purposes; for you and your family’s quality of life.
Let’s face it, the world’s macroeconomics and events are rapidly changing. We can also expect similar things to happen throughout the ages if we look at history; upward and downward cycles, wars and rumours or war, a calamity of some sort. However, we still have to live our lives.
For homeowners, the key to your decision-making is planning! Planning your microeconomics and understanding the seasons and cycles of your lives and family lives.
Let’s look at this scenario.
You have been thinking about your home improvement project for many years. You have also set aside the funding to allocate for it. When is the right time to do your home project? Is it when the interest rate and inflation are low?
Well…the interest rate and the inflation rate were low a few years ago so what is stopping you from starting your project?
Hmm…it is still not the right timing because we were all busy with our work. We started looking around for a suitable architect or designer with the best fee, which we can’t seem to find. Plus, everyone is telling us different things about what kind of house we should build or renovate for future resale value so that’s why we haven’t pursued our dream.
Now we are stuck again! 😱
The interest rate and inflation have gone up, and the materials cost has also gone up. Maybe we will wait until the cost goes down and the world economy gets better.
Those are what most homeowners are going through their heads at the moment. If that resonates with you, let’s reason and unrevealed some of those thoughts.
There is a saying that I come across recently that is so simple yet profound and full of wisdom. It says: “Farmers who wait for perfect weather never plant. If they watch every cloud, they never harvest.”
I am so thankful for the farmers who don’t wait for the perfect weather and keep on planting to make sure that we have food to eat!
Let’s have an attitude like the farmers who never wait for the perfect weather! Let’s start planting!
As homeowners, you can plant your seed by planning for long-term.
Here are 3 steps you can do to plan for your future home project:
- Know your Why.
Why do you want to build your dream home? What is the reason and purpose that motivates you to build? Knowing your Why will give you the clarity to plan for your long-term goal.
- Determine your time frame.
Determine the time frame you plan to stay in your dream home. Knowing your time frame will help you make a better decision on how much to set aside for the project budget.
- Plan for your life changes.
Once you know your Why and set your time frame, you can plan for the expected changes in your life and the different seasons of your life throughout that time frame. That will also set your needs and focus on the house’s features that matter to you.
- Establish your long-term legacy.
Some homeowners will set their goals and planning beyond their lifetime to the next generation. They want to give a hand to their future generation by leaving a legacy for them, especially for families with special needs family members or those who understand the importance of homeownership to the next generation who will have more challenges.
If you need help with your planning, don’t leave it until the timing is right and all the dots line up. Start where you are!
Book a FREE clarity call with us. We will help you with a one-page blueprint to help you move forward in the direction you want to go, without regret.
#melbournearchitecture #melbournearchitects #outlookfor 2023 #planning #longtermgoals
