First-time homebuyers often want to be one-time homebuyers, finding the home they’ll get married in, raise their children in and hopefully retire in. This is called a forever home. It can be quite different from a starter home, a move-up home or a retirement home, as it needs the functions and value of all three of these types of homes. There are some unique features to look for in a forever home.
Thinking about your future is very important in a forever home and if you plan to have a large family, you should plan on those sleeping arrangements now. Having a bedroom or enough space for each child is usually very high on a new parent’s wishlist. Sharing bedrooms can work, but they can also be an incredible hassle, especially as kids reach the teen years. If you plan on having four kids, but only want three bedrooms, you might need to be prepared with some basement space for those rebellious kids who just can’t stand sharing with their siblings.
Growing with your home
Buying a forever home means you’ve got lots of time to plant and landscape your yard and watch the literal fruits of your labor grow. You might save money buying a home where the landscaping isn’t exactly what you want, because you do have the time to put into it over the years. As well, always ensure you have the yard space to do what you want with it, as this can never be changed in the home you buy. If you want a pool down the road, ensure your yard is large enough to accommodate it.
Loving where you live
Many starter homes are located in more affordable neighborhoods and most homebuyers don’t mind this, knowing they’ll move up to a better neighborhood once they have kids. If you are looking for a forever home, you better ensure you love the neighborhood. You might want to look for a community that is growing like your family, for example, where seniors are moving out and young families are moving in, or that is brand new, with amenities (like parks and community centers) to come.
You’ll want to check the schools and shops nearby and ensure they’ll fit your family’s lifestyle, even if you don’t already have kids. If you do plan to retire in your forever home, make sure there are ample job and educational opportunities nearby where your kids can one day work and be close to you.
Affording your home
If you were to unfortunately lose your job, are there other viable opportunities for you nearby? If you want to stay in your home very long-term, consider the unfortunate circumstances that could happen and how you can stay in your house if so. As well, ensure that your budget is not at the maximum so that if there were changes in your job situation, you might be able to manage.
If you are interested in finding your forever home, feel free to contact me!