As a home buyer, the questions about buying a home you may live in and then sell versus purchasing a forever home can be a tough question to answer. Before you make a snap decision, think about your budget and goals to help you move forward.
What is a Forever Home?
While starter homes tend to be smaller homes that buyers can afford but may outgrow, a forever home is one that you can live in for many years. They come in all sizes and styles. Because everyone has a different vision of how they will live in the years to come, there is no standard for what a forever home looks like. From fixer-uppers to a luxurious estate, a forever home typically provides enough room to grow in an area you want to plant roots.
Pro’s and Con’s of Forever Homes
Unlike starter houses, where you may want to consider future home buyers when making updates to the property, forever homes give you the chance to settle in for the long haul. You can fix up the space to fit your needs, without thinking about making a buyer happy. Furthermore, you won’t have to worry about moving for a long time.
A potential drawback of looking for a forever home is that they often cost more than starter homes. The price tag means that it can take longer to save for a downpayment. While you are saving, mortgage rates and home prices may rise.
Forever Home Buying Tips
- Spend What You Can Afford. Talk to your banker to get pre-approved, so you know what you can afford.
- Plan to own your new home for at least a few years. The longer you own your home, the greater the chance of building equity.
- Find the right location. You can make changes to customize your new home to your tastes, but you won’t be able to change the location. Consider also how close the house is to your job, roads and highways, and access to points of interest that are important to you.
- Choose square footage that can adapt to your life. A forever home doesn’t mean choosing the biggest house on the block. Instead, think about your future needs. Are you planning on expanding your family, will you be empty nesters, do you entertain, do you like yard work? Your answers can help guide your decision about what size home is best.
- Look at different layouts. When shopping for your forever home, consider what kind of house will suit your family throughout various stages of life. If you have young children, do you want all the bedrooms on the same floor? If you entertain large groups, do you want a large kitchen that opens to a gathering room where people can mingle, or do you prefer a more traditional layout with a separate dining room?
These are only a few considerations to keep in mind when planning to buy a forever home. Also, keep in mind that “forever” may not really mean “forever” because circumstances can change, and your tastes can alter. You may be better served to think about “long-term” instead of “forever.”
Rely on Sarah Bernard Realty for Your Home Buying Needs
Having the right real estate agent by your side when you are shopping for your new home can make all the difference. The Sarah Bernard Realty team has years of expertise, helping clients find their dream homes. Contact us today for a complimentary consultation or call (314) 780-9070!