Moving around during adulthood is part of finding your place. From the college dorm to your first apartment, there are often many stops along the way to your one true home. You may have never had a problem relocating every so often, and perhaps you even found it exciting. But when you’re ready to settle down and establish a home base, there are some major points to consider to ensure you find the perfect place. If you’re on the lookout for your permanent family home, the place where you will put down roots and grow old, here are five bases you should cover.
1. Layout
Is the layout of this house not only great for kids but senior citizens as well? Although you might find the multi-story property a dream today, it could become difficult to navigate in your older years if things are just too spread out. When settling into a residence permanently, you must contemplate how this house will support you through every season of life.
2. Outdoor Space
You may not think you want a big backyard or room for an in-ground pool, but what if you change your mind? Yard space is a major selling point for a reason. In addition to giving you more room to work with when it comes to home expansions, you also have the chance to turn your backyard into another part of your living space. For families with babies, a large backyard might not feel like a must-have, but many parents change their opinion when their children start walking and running. You may be more grateful than you realize to have a spacious yard with plenty of room for playtime.
Consider the costs associated with large lot sizes as well. If you plan to create an outdoor living space eventually you should think about not only the in-season costs but the off-season ones as well. For example, a patio set is one cost, but will you need to store it away for part of the year? Or can you simply buy covers for your patio chairs and leave them be?
3. Insurance Opportunities
Is this home one that will age well and help you gain equity faster? You can take out a home equity line of credit (HELOC) or a loan against your mortgage to finance renovations, your dream vacation and many other things. The potential to use your home as a financial asset beyond selling it is important, so you could think about its long-term value as you get quotes for your mortgage. You should also consider whether the cost of your monthly payments will allow you to bolster other forms of coverage. Since you intend to age in place, you may want to add long-term care insurance to your life insurance policy. With LTC options, you can cover things that aren’t covered by health insurance, including in-home care, adult day care and a nursing home. You can review a guide on the pros and cons of long-term care insurance here.
4. Neighborhood
Is the location well-established or flourishing? Is the surrounding area a place you want yourself and your family to see every day for the rest of your lives? Safety, aesthetic appeal and access to food, services and entertainment are all important considerations. Explore options for doctors, dentists, hair stylists and other professional services you use. Make sure that you like what is accessible before you buy; this will ensure you get a good spot that doesn’t require constant long drives just to get basic living essentials.
