For a growing family, real estate is not a short term proposition. When choosing a new home, it’s important to find the best investment form both a lifestyle and financial perspective so the home can continue to meet your needs at multiple stages of your family’s growth. Before you hit the ground on you housing hunt, map out your family’s future to find the home that will meet your needs today and tomorrow.
“Families come in all shapes and sizes today, from young children to teens to live-in in-laws,” said Fran Broude, president and COO of Coldwell Banker Residential Brokerage. “It’s hard to have a crystal ball on life, but the long-term nature of a home purchase demands that we consider what it will be like to reside in a particular home for 10, 20, 30 years or more.”
Here are just a few ways to keep your eyes on the big prize:
· Test wants vs. needs. The terms “need” and “want” are as different as “night” and “day” when it comes to home buying. Be aware of what amenities are necessities and what may be an added bonus. Having a frank understanding of the difference between your needs, wants and budget also is crucial. Talk you your Realtor for perspective.
· Check your timeframe. How long you plan to stay in a home has a major impact on what the property needs to be. Is this a starter home for you and your spouse only? Is this the home where you plan for your toddlers to become teens? Do you expect to have friends and family visiting or possibly living with you on day? All these questions should be answered before you start your search.
· Future planning. Your real estate investment has a lasting impact on your finances, so choose wisely. When it comes time to downsize, you should expect to generate cash profits for retirement and other investments and property can be a symbolic and financial gift as an inheritance. Consider what you want your real estate legacy to be.
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