Why You’ll Have More Than One “Perfect Home” In Your Life

Your Perfect Home

for your stage in life

Most people think a lot about the first property they buy.

They’ve been planning this purchase for a long time. Fixated on the idea of finding their “dream home,” they imagine themselves raising a family and growing old within those four walls.

But this is not the best way to look at home ownership.

The fact is, you’ll likely have multiple perfect “dream” homes throughout your life – and each home will be ideal for you in that particular stage.

There’s No Such Thing as One Perfect Dream Home

Your house should fit your life, not the other way around.

The odds are low that you will find a house that offers everything you want for every stage of your life, from early parenthood to retirement. Your needs and priorities will change, so why shouldn’t your home?

By transitioning between homes during different stages of your life, you can enjoy the benefit of living in a home that is ideally suited to your needs. Not too big, not too small, it’s just right.

But in order to make it work, you’ll need to be smart and strategic during each stage of your lifelong real estate journey.

The Three Major Stages of Home Ownership

The typical person goes through three main stages throughout their life when it comes to home ownership.

First Home

Most people purchase their first home when they are a young couple. This is the first rung on the property ladder, and it often takes some time (or help from relatives) to save for the initial deposit.

If you have children, this is the house you’ll own when they are small. When you are buying a home, you might look for cheap homes for sale with a friendly neighborhood and a close proximity to schools.

Second Home

The next home purchase often happens as the family grows. As the children get older and enter their teenage years, they need more space to live and socialize.

At this stage in life, your income may have increased and your first home will likely have appreciated in value. This offers the opportunity to capture that gain and move up to somewhere with more space for the family. You might even have a chance to add on a games room or shed for hobbies, or a guest bedroom so friends and family can visit.

Third Home

The next home comes at the stage of life when the children have flown the nest. Suddenly, you don’t need all of that extra space anymore. Without a bunch of noisy teenagers around, the house starts to feel a little bit too big.

Also, as you grow older you find that you have less energy to complete the maintenance tasks that go along with having a larger house. You don’t want to be spending your time mowing the lawn, cleaning several bedrooms and doing repairs.

At this stage, many couples downsize to a smaller home that is a better fit for their needs. They might even choose to live in a condominium or apartment, where the maintenance is taken care of by a management company.

What Buyers Often Get Wrong When Transitioning Between Homes

Here are some of the big mistakes buyers often make when they are transitioning between homes.

Not Getting a Realistic Home Value Assessment

Many homeowners fail to get a true, honest evaluation of the current value of their home. They may have an idea in their head of how much it is worth, but that number might not be realistic. You can’t get an accurate valuation just by looking at local MLS listings and guessing, it’s essential to consult an expert.

The issue arises when homeowners seek out a professional to evaluate their property. They often look for someone who will tell them what they want to hear rather than giving them real data. It’s much better to know what the property is actually worth, even if it’s not as much as you had hoped.

Not Having a Plan

Another mistake we often see is when homeowners lack a plan or vision for what type of property they want to purchase next. This lack of foresight causes them to stumble through the transition process.

If you sell your current home without a clear idea of where you are going, you might find yourself making a hasty purchase on your next home due to the pressure. Or, you might have to rent for a few months while you figure it out. It’s much better to have a plan of where you are heading before you start selling your current home.

Clinging to a Home for Sentimental Reasons

Our homes can carry a lot of emotional meaning. We’ve seen it many times before. For example, a retired couple who would be much happier in a smaller home that is easier to maintain. Yet, they are hesitant to put up their property for sale and downsize because of all the memories.

A house is more than just four walls and a roof. It’s where your children took their first steps and where Great Aunt Sally had her last Thanksgiving dinner. It’s the one with the hand-built treehouse in the backyard. It’s where you had many Christmas mornings, first days of school and family barbeques.

But when it comes down to it, times change and everyone grows older. It’s okay to move on from a family home if your children have grown and you no longer need the space. Say goodbye, let another younger family make their own memories there, and enjoy the lifestyle benefits of living somewhere that suits your needs. There are many apartments for sale that will be much more practical and enjoyable to live in.

Buying a Home That’s Too Expensive

Just because you CAN afford to move up to a certain price range, doesn’t mean you should (even if the bank approves you for a larger mortgage.)

Purchasing a property for sale that is too expensive for your needs can be a mistake. The mortgage payments will take up too much of your monthly income, making it harder to cover other expenses and build your savings. It can often be a smarter strategy to move up to a home that you can easily afford, with some money left over to invest in improving the property.

The Benefits of Having a Professional On Your Side

Transitioning between each stage of home-ownership is never easy. There are a number of questions you’ll need to ask yourself. Why are you moving? What does your ideal home look like for the next stage of your life?

At Curb & Key we will work with you to find the path to home ownership that’s right for you. Working with a professional can help you navigate the confusing house search process and define what it is you are looking for.

To connect with an agent and receive a free consultation with a Curb & Key agent, fill out this form today.