When it comes to purchasing a home that you can imagine enjoying for many years to come, choosing a property that will adapt and grow with your family is key.
Many of us dream of owning and moving into our forever home, a home that feels like it was made specifically for us. However, buying a forever home comes with a different set of considerations than other real estate purchases.
Since you’re likely to be staying in this property for the foreseeable future, it’s important to look for a property that will suit you and your family for both the short and long term. Don’t be afraid to get picky.
Look for adaptability
Sometimes it can be hard to take a long term view when purchasing a property, but when buying a forever home, it’s vital to consider how the property will adapt as you and your family move through different stages of life. If you have young children, it may be practical for your children to share a bedroom, but when they’re teenagers, will this suffice? If you’re planning on living in the house beyond your retirement years, think about how you’ll use that extra space once your children have moved out. Will the house layout work if you become less mobile?
Buying a house that will meet all your needs through all stages of life can be difficult. That’s why adaptability is key. The more the property can adapt and change with your lifestyle, the longer you’ll be able to call it your forever home.
Know where you want to be in 10-15 years
When it comes to investing in a more permanent property, you should be aiming to live in it for the next 10-15 years. As you’ll most likely be buying a bigger house that’s more expensive than what you’ve bought in the past, you’ll need to stay in it longer in order to ‘break even.’
Ask yourself: Can you see yourself living in this area for the next 10-15 years? Is your employment situation stable enough to support these repayments? If you feel like you can answer these questions (and others) with a ‘yes’, then you’re on your way to taking that first leap.
Remember, property is a lumpy investment and is expensive to purchase and sell. The purchase costs (like stamp duty) will be approximately 5% of the total property value and selling costs (like agent’s fees and marketing) will be approximately 2%. That’s 7% growth you need in the value of the property just to break even.