4 Major Life Changes and How Your Living Situation Can Be Affected

Have your chicks flow the nest? Becoming an empty nester is just one life change that can mean a new living situation. (Photo: flickr)

Our lives are always in flux. Friends come and go, work demands are constantly changing, and our interests and hobbies can shift at the drop of a hat.

But while most of these are just an everyday, natural part of living, not all life changes are so simple. In fact, some can rock our entire worlds. They affect our finances, our families and — you got it — our living situations. They can force us out of our one-bedroom apartments into sprawling estates, or they can do just the opposite and send us packing from our spacious abodes to smaller, more affordable properties with little warning.

Just what are these life changes, and how can you expect them to impact your personal living situation? Here are the four most common life changes people are often challenged with at some point or another:

Marriage – There are a lot of ways marriage can force a change in living situation. For some, it’s minor, with just one spouse moving into the other’s existing property. For other couples, it’s a whole new foray into homeownership – the packing up of two apartments, the mortgage application process, and finally, moving into the marital home together as one.

Divorce – On the opposite side of that coin, divorce can also throw your living situation into upheaval. When dissolving a marriage, couples typically have two choices: Sell the home and split the profits, or keep the property and transfer it to the remaining spouse. With the latter, it gets a little complicated if the mortgage isn’t yet paid off. The remaining spouse needs to transfer the deed to their name, pay off the mortgage and then work with their lender on securing another separate mortgage in their name only. Sometimes this is difficult, given the drop in household income after a divorce.

Having kids – Unless a couple already has a spacious home on their hands, most new parents opt to move onward and upward once little ones are born – especially if they’re still living in a cramped apartment. As families continue to grow (and more kids are added in the future), parents may want to upsize again in order to make room.

Becoming an empty-nester – When those little ones grow up and head out on their own, it’s time for the parents to move on too. Not only are large family-sized homes a little harder to maintain for aging adults, but they’re also more expensive, and they just have too much room for two people all on their own. While it might sound sad selling off the home where the kids first crawled and walked, it can often be a freeing time for adults, giving them the independence to live where and how they like.

Want to learn more about how life changes can impact your living situation? Check out the Guardian Mortgage Company blog all month long. Seeking mortgage help when making a life change yourself? Whether you’re newly married, a proud new parent or downsizing to a smaller, more affordable home once the kids have gone, Guardian’s loan officers can help you get the funding you need to move forward.