When buying or selling your home, there are many long-term conditions you should take into consideration for future planning. Will you look back years from now and wish you had not sold? Will your new home be something that you’ll love long term?
In today’s chaotic Santa Cruz real estate market, jumping from one home to another every few years may no longer be a financially viable option. When purchasing a home for the long term, here are a few questions you should ask yourself:
Questions for long-term Santa Cruz real estate planning:
• Death in the family - If you’re a couple, what would happen if one of you passed away? Would the home you currently live in still work? That acre lot may not look as attractive, if you’re going to be the only one caring for it.
• The option of renting - If you want to move, but you can’t get the money you need out of your house to justify a sale, will it make a good rental property? Renting your home may be a great way to maintain some cash flow while still downsizing your living space during your retirement years.
• Location - If you’ve envisioned an activity-filled retirement, will your location allow you to fulfill that dream? Is there a college nearby to pursue that master’s degree you’ve always wanted … can you go to cooking school … what about volunteering at a community center?
• Flexibility of home - Have you considered how your home will be able to adapt to your changing needs? Maybe an upstairs master bedroom was attractive when you had children, but if you happen to face limited mobility, those stairs might put a kink in your lifestyle. Before purchasing, use a floor-planning tool to determine the types of spaces that are important to you.
Don’t put yourself in a situation where you’re forced to sell your home because it doesn’t fit your future lifestyle. Make sure you invest in a home where you can create life-long memories.
If you need help with your long-term Santa Cruz real estate planning, please call me at 831-662-6522 or email me at Lauren@LaurenSpencer.com.
For more information, please visit my website at www.MySantaCruzRealEstate.com.