The home you’re shopping for probably reflects the life you have right now. You may want to rethink that. Wondering why? Buying a house is one of the biggest investments you’ll ever make, and the reality is that you have to factor in your long-term plans if you’re hoping to be a successful homeowner.
Why Long-Term Plans Matter
According to many studies, the average homeowner lives in a home for just ten years. In a timeframe like that, many things could happen. You may find the love of your life. You might have children. You might change jobs and decide you’d rather not spend an hour on the train every morning and every night. Your parents could grow old, ill, and need care in your home. So much can happen in the course of ten years, and putting your home on the market before that time is up could be a disastrous financial move.
How to Buy For The Long Term
So, what can you do if you don’t want to make a move in the near future? Start by thinking about your goals. where would you like to be in five years? In seven years? Nail down the things you’d like to make happen in your life before you even begin shopping. Once you’ve done that and you begin shopping, come up with an exit plan for each house. Who will be the target audience for that property when you actually decide to sell? If it’s on a busy street, it’s likely not going to be families with small children, so is there another audience well suited to that property? Learning more about the neighbourhood demographics can help you make the decisions you need in this area. Finally, make an agreement with your partner. What’s the plan if something happens to your relationship within those ten years? You may even want to visit with a solicitor to get this agreement in writing.
We can help you find a home you’ll love now and well into the future. To learn more about our properties and what to look for in a home you love, contact us today.