For many people, they are forgoing the "starter home" and jumping straight to their "forever home." But what exactly does that entail? David Sant with Cyprus Credit Union shared some factors you should take into consideration when looking for and buying your forever home.
AFFORDABILITY
For many people, a starter home could be a condo, duplex, etc. These are usually easier and quicker to save for since the down payment requirements are lower. If you decide to skip right to a forever home, it may take longer to save your money. Remember to keep in mind that the bigger the home, the more upkeep and money it will require.
ONE FLOOR LIVING
While you may not have trouble getting up and down the stairs now, that could easily change in the future. Look for a floorplan where everything can be accessible on one floor, even if it`s a multi-story home. This includes a kitchen, bedroom, bathroom, and laundry room.
ACCESSIBILITY
Even if a home isn`'t super accessible right now, it could easily be made to be with a few simple adjustments here and there. However, certain tasks, such as widening doorways or installing a stairlift, are a little more difficult and expensive. Keep this in consideration whenever you are buying a home that you're planning on living in for the long run.
LONGEVITY
Apart from the house itself, there are other factors you should consider before buying your forever home. What does your current employment situation look like? Are you in the job you can see yourself until retirement or is there uncertainty there? Have you started a family? If you don`t feel like you`re settled, spending the time saving for and planting roots in your forever home at this time may not be advisable.
Find more at cypruscu.com.
