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Hi everyone, welcome to another edition of Homebuyer's School.
Today I'm joined by Bridgette Beaulieu, a area manager
with Brookfield Residential, and today the question we're gonna answer is,
"How long do I plan to live in my future home?" So when someone's buying a
house, how long do they typically plan to live in that house?
It depends if it's their
first house, the second, third what not. Usually when it's one of your first few
homes that you do stay three to five years, the idea is to get into the
housing market and build equity, and so typically three to five years you've
done that, you can sell and move on to your next home. As time goes,
people's lives change as well, families come along, as kids begin to kind of
age a little bit--become toddler-ish, that's when you might plan to stay in
your home a bit more--
--or you probably need a bigger space maybe?
Exactly, exactly.
Do you notice that certain people, maybe it's your second
home, your third home, do they start staying longer in those homes?
From my experience, second homes still do that--or still maintain the 3 to 5 year
range--third homes, fourth home, those do tend to extend. You're starting to--how
can I say it-- each home you buy is a move up and so
by the time you're at the third or the fourth
you're getting closer to having that home full of your wants and your needs.
Although what happens though when you
plan to maybe downsize? So like your kids have left, right, they've gone
either off to college or you know, they're starting their own families
right, and then you don't need all that space, then obviously do people--do you
find people just continue living in their third or fourth house?
From my experience, when people are in that empty nest phase, they
do absolutely want to downsize because again, now their lives have
changed, they tend to have more free time, they want to travel, they don't
want to just stay at home all the time, they don't need all that space, and also
that house is equity, so now they can cash it in.
Perfect, well thank you very much
everyone for joining us and we'll catch you next time.
That's another edition of
Homebuyer's School, tune in next time for
more expert tips and tricks, and visit
homebuyersschool.ca to bring you one
step closer to finding your dream home.
As with everything, it would be great if you
like and share our videos, also please let
us know if you have any home buying
questions you want us to answer.
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