5 Life Stages That Dictate Real Estate Needs
Yes, that is how home buying and selling happens. We all go through various life changes and evolve. Some might point out fads and “consumer trends” in real estate but buying and/or selling a home is really very PERSONAL. It is a huge investment. So… let’s explore FIVE life changes that affect how you view REAL ESTATE and some of my tips for surviving.
1. FIRST TIME HOME BUYING
Speaks for itself. Buying your first home is most likely the best decision for securing your future AND the scariest financial decision in your life. Buying a first home enacts many intangible emotions: pride of home ownership, the feeling of accomplishment and the ability to change a house into a home, these feelings are priceless. There are a lot of things people should do and look for when purchasing a first home. I suggest starting by establishing how much you can afford and concentrate on THE MONTHLY PAYMENT. This allows for the home buyer to focus on the home in a more manageable fashion. It is important for the buyer to be aware of the First Time Home Buying Loans that are available. Click here for a FREE HOMEBUYERS GUIDE
2. MOVE UP BUYING
The only thing constant in life is change, a big unknown. This change occurs for many reasons such as a growing family, marriage, or a need for something different. One person might feel the need for more room, more yard area, or extra space in the driveway for up-and-coming new drivers, while another wants more privacy. What ever the need or want an existing home needs a plan in order to move up. Start with a plan that factors both selling & buying from the start.
Need to relocate to another city for a job? Want to get closer to family? Dreaming of moving to the suburbs? Sometimes buying a home is merely a lifestyle choice based on personal decisions.
Someone decides to Move Up, keeps their existing home as an investment, and becomes a landlord. Since I’ve “been there done that” many times, I can tell you that this is a great way to get into “Real Estate Investing”. Some choose to buy real estate for their financial portfolio and let a renter help with all (or most) of the mortgage. This is a longer-term investment so be prepared to do this for years, depending on your personal needs.
Investing in a vacation home is popular in states like Florida. Some owners may only need to use the property part-time. To earn added income, an investor with this type of vacation home may decide to rent the place out when they are not there.
Flipping a House is when an investor purchases a home in need of repairs, makes renovations, and then sells (or flips) the home quickly. While this can be profitable, know that this is a tricky endeavor and requires a lot of time, attention, and CASH.
5. RIGHT SIZING
This term can be interchangeable with downsizing. The family home is now too large for one or two people. Downsizing to a smaller home for empty-nesters is different than downsizing for other reasons, like wanting a more manageable yard or divorce. My tip is to keep in mind the emotional toll to the seller who is Right Sizing. For some, the idea of letting go is a sad one and for others, it’s a happy time. Either way, remember that you will be downsizing your STUFF as well.
I am sure there are other “Life Stages” or reasons to buy a home. Did you notice the commonality of these reasons?
Home Buying and selling is EMOTIONAL!
I have already experienced four of these stages and am now facing the 5th, RIGHT SIZING. Regardless if you experience one of these stages or all five, like me, be aware that they all come with emotional baggage and stress. While some may think that home buying is not emotional, I prefer to tell you to BE PREPARED. Get our FREE HOME SELLING GUIDE
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