There are several steps that people take on the property ladder. From a first home to a fixer-upper, many people will buy more than one house in their lifetime. But one thing many people aspire to is to buy their ‘forever’ home.
A forever home is intended to be the last home that you buy, that you don’t have intentions of leaving – at least until later in life. For this reason, people tend to invest more in their forever home, with the hope it will be a valuable asset to either leave to children or sell as part of a retirement plan.
Buying a forever home isn’t something to be taken lightly; it is a big investment after all! So with that in mind, here are some things to think about when buying your forever home.
Is it in your dream location?
Location is very important when it comes to choosing your forever home. It should be somewhere that you want to live, that has good schools and community for helping you raise your family. Consider the area carefully – if it’s somewhere you can see yourself living and be happy, then it’s worth pursuing properties in this area.
Remember that a ‘good’ location can mean something different to everyone, so consider your own criteria carefully when making the decision.
Is there potential to extend and develop?
While some forever homes might have all the space you’ll ever need, you never know how your requirements will change over time. For example, being able to extend and develop can help you make the most of your available space, and can help you increase its value too. You could search for properties with a lot of outdoor space or even house and land for sale that gives you the benefit of a new build with land attached to it. Think about your future plans – you could end up finding an ideal property that will need a bit of work to make it your forever home.
Can you afford it?
It’s easy enough to fall in love with a property, but you need to be realistic about what you can afford. Discuss your options with your mortgage advisor, check mortgage calculators and ensure you can afford your home comfortably within your budget. Renovations and improvements can cost a lot of money, and you’ll need to make sure you can afford those too.
Can you see yourself being there forever?
After seeing a property you really like, it’s easy to rush into things. But more so than any other property, this is the one you need to think about the most. Can you really see yourself being there forever? The cost of moving house is nothing to take lightly, so you don’t want to end up doing the same thing again a few years down the line.
Finding your forever home can be an exciting milestone in your life, somewhere to feel settled and build incredible memories with your family. There’s a lot to think about to help you get there, including moving house itself! Even if your forever home isn’t possible right now, it’s something to think about for your future goals and something to work towards.