Chances are the first home you buy won't be your last. We go through seasons in our life and whether we move 3 times in our life or 30, we need to evaluate where we are and what type of home we need for each of these phases.
This is the home we have when we first started out. It might be a condominium, small single-family detached house, or townhouse, but it's usually smaller, under 1500 ft.² and priced at the lower end of the median price scale for the community. First-time homebuyers look for affordability, which is understandable as they are just starting out and have no equity from the sale of a previous house to put toward a new home. One of the best things about starter homes is that they have the potential to be rentals or investment properties later on. A good starter home can also be a good rental property, that is if you are planning on hanging onto it, renting it out and then buying another home. Often times, first-time homebuyers need the equity from the sale of their first home to put towards the down payment on another home.
After we've lived in our starter home for a few years we may be starting a family or find the need to upgrade. It's very common for couples to expand their family once they've lived in a starter home for several years. After a few years, enough equity has built up in the property that the homeowners can put a significant down payment on a larger home. Maybe you need more rooms in the house, a backyard, or you're going from a condominium to a single-family house. You need to decide if you're ready for the maintenance of a bigger house.
On the other end of the spectrum, those with kids that may be moving out, going to college or starting their own families may want to downsize the house. Perhaps they have moved several times and now it's time to move into a smaller home that's more convenient, and not as much maintenance. Maybe you don't need a five-bedroom home anymore; maybe a two bedroom will do. At this point, you might have built up a lot of equity and maybe to pay cash for a home depending on the rate of inflation and the housing market in your area.
You might be looking for a flexible home without a lot of maintenance so that you can take more trips or vacations or you're just looking for less responsibility.
This may or may not be one of the last homes that you own. You might be looking for an easy, one-story home or even an apartment or condominium. Kids are the house, you have to consider visitors and guests at this point. Will grandkids come to visit? Do you want a backyard for those kids? Do you want a low maintenance property or condominium and enjoy the many amenities that come with a condominium association? It's important to plan early when it comes to your retirement home. You might be very athletic and active now but in 10 years, you may not want those stairs that come with a 2-story home. Think ahead at least 5 to 10 years when planning out a retirement home or one of your last home purchases.
Wherever you are in the spectrum Miami makes a great location for first-time starter homes just outside of the city to larger condominiums and luxury properties in Miami Beach and Brickell. From your starter home to your retirement home, I've got you covered. Call me today for the perfect home in your season of life.