Buying a forever home is a big decision to make. Probably, it’s one of the biggest, if not the largest, expenses you’d make in your lifetime as well. You don’t want to make the wrong choice, such as buying a supposedly forever home, only to sell it in a couple of years because of job change or financial strain. That’s why learn how to gauge yourself and your situation before taking the plunge.
How to tell if you’re ready to Purchase your Forever Home
A forever home is where you’d live in a lifetime, ideally with your spouse or family. Hence, be sure to gauge these factors first before making a purchase:
You need more Space
Do you often bump with each other in your current house? Or, do you often see your home too cluttered with a lot of items you can’t throw away? These are only few of the signs of you needing a larger home.
That’s why forever homes are large properties which families buy for a permanent stay. It has more bedrooms, ideally including extra rooms for your kids’ play area or your own home office. Don’t miss to buy one with a sufficient storage room too.
Ready for Huge Financial Responsibilities
This type of home isn’t cheap. You’d live in it for a lifetime, it’s relatively larger and has more features, that’s why it’s certainly pricier than a starter home. Be sure you’re ready to pay for it, and commit for few years of larger monthly mortgage payments.
Moreover, you must see yourself on a steady stream of income for at least 20 years, so you’d be sure of paying the mortgage while clearing bills and providing for the household.
Ready for Long-Term Renovations and Maintenance
Forever home is where you’d live for a lifetime, so you’d naturally prefer renovations, repairs and maintenance instead of buying another property. Make sure you’ve got the grasp of it while still in your starter home.
You must know what things needs frequent repairs, what to watch out for every now and then, and how much you’d likely spend for each among other factors.
Ideal Forever Neighborhood
Don’t merely focus on the home itself. Instead, be sure you’d love to live in its neighborhood for a lifetime as well. Think about the people and environment around the home. Then, consider its accessibility and proximity to vital establishments, such as hospitals, schools, supermarkets, parks and simple coffee shops among other places.
Do you see yourself living in such area for a lifetime? If so, would it be comfortable for an elderly you to move around it? Take note that your elderly self needs proper pavement, transportation, fresh environment and accessibility to health care among other necessities.
Job and Income Stability
As mentioned earlier, you need a steady stream of sufficient income to handle financial responsibilities in a forever home. That means stable job or business which would sustain your financial needs. And this isn’t only about having a steady earnings each month. It’s about making things possible right in the area as well.
If your job requires you to move a lot from one city or state to another, then you’re probably not ready for a forever home. But if your job or business allows you to stay permanently in a locale, you can begin thinking about it.
These factors or indicators help you decide about buying a forever home this 2020. If you’re still unsure, talk with a reliable real estate agent to guide you.
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