Stages of Home Ownership. What is Your Next Move?

Our Home Not Only Tells the Story About Who We Are, But It Is Also Our Retreat and Sanctuary. Lindsay McGrail

Does your current home fit your life and lifestyle? Our homes quite often change as we move through life. Let’s take a look at what might be the next right move for you.

First-Time Buyer.

When determining what your long-term goals are, does home ownership fit in with those goals?

Are you looking to transform all those rent payments into mortgage payments that give you something tangible: equity. Or maybe you see homeownership as a sign of independence and enjoy the idea of being your own landlord. Whatever your goals are, buying your first home is a good investment.

As a first-time buyer, a starter home is most likely your safest bet, simply because it costs less than a forever home and will let you start building equity much sooner.

Plan on staying for at least five years, which is the typical amount of time it takes to break even on your initial investment. This is where you learn the responsibilities that come with cleaning, maintaining, and paying for a property. When you think back, you will remember how scary and exciting it was for you.

Upgrading or Combining Households.

There are solid reasons to upgrade your home. For many, it was always the plan. You buy a starter home and upgrade to a larger one once your family expands. Or your income expands, and you can move into a home that is perfect for your new life and lifestyle. The buying and mortgage process isn’t as overwhelming because you know what to expect.

Upsizing. Same Address. New Home.

The family is growing in number and size, too. There might be more babies, and toddlers turning into adolescents and teens. Everyone needs some space of their own and places for friends to gather and the family to function together. Yes, a bigger home with more bedrooms perhaps. Do you move or remodel?

Empty Nester.

The children are thinking about leaving home for college and their future endeavors. Are you ready to downsize from a home that was once full of children?

Forever Home.

A forever home is one that you could potentially see yourself living in for the rest of your life or at least the next 20 or 30 years. This means it meets most, if not all, the criteria of your dream home: the right location, the right size, and all of the extras. You have other interests you want to pick up and need room for them too.

Retirement. To Sell or To Stay.

Whatever your vision for retirement, this is the time to consider whether or not you will continue to live in your current home, where you’ve lived for decades. Many “upsizers” are relocating to a place with a smaller price per square foot- not necessarily spending more; looking for bigger houses for less. How about a faraway destination, or closer to your grandchildren? Moving to a lower cost of living area, or converting to a renter and traveling the world.

The Golden Years.

Time to slow down. Those afternoon naps are a welcome part of the day. Stairs might be a challenge. You definitely don’t want extra space to clean and maintain.

You and your family’s priorities now revolve around safety and security. You have reduced the number of possessions and furniture by giving it away or selling it. You just want a place where you can be safe and comfortable and hopefully close to your loved ones.

A retirement home is one of many housing options available to older adults. Senior communities have lots of activities and spaces with exercise equipment and pools. You can even cut the commute time because everything is only a hop, skip, or short walk away.

Whatever stage of homeownership you are in, new adventures and new memories wait to be made in a new home that better fits the stage of life you are in or are coming into. I am here to help you or your loved ones through the process and find the home that fits whatever stage of Home Ownership you find yourself.

Lindsay McGrail, Realtor®, Certified Luxury Condo Specialist.

Coldwell Banker Realty