Avoid staying stagnant, finding your

from The Power Is Now Magazine | June, 2021

Understanding the home’s appraisal

By Robert Langston

AvOId stAyIng stAgnAnt:

Finding your new home For the next stage oF liFe

Home is always tied to one’s needs, and most importantly, family. For most people, any decision of buying or selling a home is always connected to a significant life event. It could be a starter home for newlyweds, a bigger home for a growing family, or a move for a job, and a smaller house when the kids join college, and the list goes on. Although one’s home buying journey doesn’t have any similarity with their neighbor’s or friend’s, looking at the broader trends can help you understand what to look for when buying a home. With home buying being among the most significant investments most people make in their lives, no one would want to regret any home purchase they make. And taking your time now to figure out the exact thing you need in a home could save you a lot of trouble in future.

Let’s look at the broader trend of most people’s home buying journey.

1. THE NEWLYWEDS OR PARTNERED COUPLE.

Exchanging vows has been a triggering factor for homeownership for many centuries. Nonetheless, the trend has changed slightly as first-time homebuyers are buying homes even without exchanging vows. For the broader trend, newlyweds’ first-time homebuyers (most who are millennials these days) go for the starter home— a place to start building a foundation. As you go for your starter home together, there are a few things you need to consider.

The first thing is affordability. With high student loans on your shoulders and the experience of

two recessions, affordability can be challenging for most millennial first-time homebuyers. However, it would be best if you focused on buying a home you can afford. It’s apparent that you do not need tons of space, and that’s why a starter home is the best option. A starter home can be a great investment and an excellent starting point when chosen carefully. It can help you build equity along with your savings as you position yourself to move to your next home for the next stage in life.

The next thing to consider is the proximity to your workplace, commute time and lifestyle considerations. The location of your starter home will have significant impacts on the quality of your lifestyle, including your working life. And that’s why it’s important to consider it carefully.

2. THE GROWING FAMILY.

Having been in your first home for a few years, it’s now time to make another move. With the addition of kids and pets, it’s probably time to move to a larger and more family-friendly space. Besides the number of bedrooms, there are a few other things to consider in this next stage in life.

First, the importance of school districts takes center stage. For most parents, the desire to give the best education to their kids, especially in middle and high school, goes beyond the desire for more space. A recent study revealed that 53% of homebuyers with kids under 18 say that school districts are a major factor in their home-buying decisions. However, wellfunded and higher-ranking schools come with higher home prices. For that reason, many homebuyers choose to sacrifice a bit of space to find a preferred home in their desired location.

Another important thing is lifestyle considerations. For most growing families, living space is a key priority. Your teenagers will want a space to hang out with their friends, which calls for a finished basement or a recreation room. A good layout in the house can also ease family life. For example, an open layout is perfect if you want to be watching your little kids play in the living room while you make dinner.

The functionality of the house is another important factor you’d want to keep an eye on. Will each room fit into your everyday life? Does it have a well-designed laundry room that will handle the massive loads of laundry for both infants and kids? Identify the features that will have the most significant impact on your everyday life and ensure they’re there.

3. THE EMPTY-NESTERS.

The hustle and bustle of life are starting to calm down as kids grow older and go to college or move out to their own spaces. At this point, all the square footage that was all under maximum usage in the previous phase of life can start becoming overwhelming. The need for that large space is now over, and it becomes unmanageable or simply unnecessary. With this new reality, the best solution is downsizing, mainly due to maintenance and livability. With several unutilized bedrooms and bathrooms, it becomes impractical to keep heating and cleaning. Finding a smaller home at this stage comes with less maintenance and fits your current lifestyle. All you need at this stage is a lovely large garden instead of a nice house that you can be tending to from time to time.

Conclusively, it’s obvious that life never stands still. It’s always on the move, and so is your housing needs. Identifying the stage you’re currently in and where you’re headed can help save you a lot of time, energy and money in the long run.