The Phases of Real Estate by Darlene Davis
There is no rule that says your starter home can’t be your forever home. Many first time owners want to own their dream home immediately. The reality is, most people won’t manage to tick every box on the home owner’s bucket list when buying their first home. Many times your first home is not your forever home, however, that doesn’t mean it can’t be. Let’s go through the three phases of real estate, and I will show you how you can make a Bermuda cottage “the one”.
We live in a society where too often we are looking for instant gratification, even in real estate. The 2500+ square foot house with a pool and all the amenities may take some time. It’s important that your home is able to progress through your life’s journey with you.
Phase 1: Start your search to for a small cottage with potential. A small place for you to call home. There are many cottages on the market today ready for a new family to restart the real estate cycle of life. Worried about the size? Many of my best memories are with family and friends in the garden for a social gathering because the house was too small to entertain them all inside.
Phase two: As you progress in your career, financial means and family, you will find yourself needing more space. You now need to acquire more square footage. Because you planned for this day, your cottage has enough land for an addition to accommodate this growth. One of the greatest advantages is that your growing family will be able to remain in the same house and neighborhood they love. It is essential to forward plan for changes in your real estate requirements.
Phase three: Downsizing. The children are all grown and you want to travel the world during your retirement. Well this is where the early planning phases pay off once again. You have designed the house to be easily renovated to use part of the home as an apartment for you to reside when you are on island, while the remainder of the house can be rented out to a tenant. You will still have a place to call home and rental income to assist with those travel expenses. While you travel and enjoy retirement your real estate associate can even manage your property, you are free to enjoy yourself.