Okay this is not necessarily a professional point of view as much as it is just my experience and opinion. I have owned two homes in my life time and I have rented from private parties two times. When I looked for a home, the first time with my now ex-husband, he and I both had specific needs that had to be met. We had a newborn baby and anticipated having more than one child. He was in the music industry, so he needed a space that he could create a studio out of and my want was a garage, fireplace and basement. He also wanted our mortgage to not be very high. It was a long search and struggle and we pretty much go what we wanted minus the garage in our home together. When I was looking for my place without my husband, I wanted at least two bedrooms and an extra space for a home office and I found it.
The last home I purchased, I was seeking garage, fireplace, basement and at least 3 bedrooms and 2 full bathrooms and updated kitchen. We got everything except for the fireplace...okay I think I gave enough examples here. My point being that as we evolve in our lives, relationships and life circumstances, our needs and wants change regarding our home environment. When looking for a place to call home we need to know what is important to all involved in calling that place a home. That sounds like common sense. Anyone who has ever looked for a home that is first thing that you think about, is what you want versus what you can't live without.
Well lets talk about the other factor. How long are you anticipating living there? Now a days people do not live in a home for 30 years. People on average keep their homes between 5-10 years. Why has the longterm ownership changed in our society? It could very well be because how our society has become very transient. The family home is now a thing of the past, yet it was truly the norm of owning a home. It being the residence that one raised a family with milestones and memories abound and not to mention the investment became thoroughly realized.
My parents home was purchased in the mid-late 60's for $17,000 and at the time of my mothers death, when we sold it (almost 30 years later), it went for $86,000. When the real estate market was at it's highest, mortgage loans for 40 years started rear it's head and at the time I was asking myself, "who stays in a home 30 years much less 40 years now a days?" How did the mortgage companies determine whom to offer those extra 10 buffer years when finalizing the mortgage plan?
When you look for a home, are you looking for a "for now" home or are you looking for the FAMILY home. Our economy and the real estate market has seen changes and major hits lately. I think if we as buyers, purchase homes that would accommodate our possible futures, we may not make to 30 years still, but may be we could actually starting seeing our homes becoming an investment again. With the housing prices, short-sales and large foreclosure inventory it is very possible to find our dream home for little and see these homes become not only the family homes but the best resource of an investment again.
Again just an opinion. Just a thought out of my head and most obvious I am sure. Thank you for reading all the same.
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