How Many Homes Will You Own in Your Lifetime?
August 27, 2018
Phone psychics, palm readers and Main Street Madame Rubys make a killing doling out predictions, possibilities and straight-up pretenses about just how your future will (or most likely, will not, after all) play out. But we here at McKendree Moving & Storage offer one prediction that's based on pure, cold, hard statistics. According to our real-life studies, turns out most people can expect to own three homes during their lifetimes.
- Home #1: Statistics show the average age at which Americans purchase their first home is 27. Your Realtor will call it a starter home and it's likely you'll make this momentous move a few years out of college and into your career. Play your financial cards right and chances are your credit will be relatively strong, not having taken too many run-of-the-mill hits yet. If you're at the starter-home stage, look for one that has equity-building potential that you can leverage when you're ready to buy your second home.
- Home #2: About five more years into your now-rock solid career, you'll likely be ready for new digs, especially if you've taken a walk down the aisle and are ready to hear the pitter-patter of little feet. You'll need another bedroom or two, depending upon how many little ones you plan to raise and how often (and how long) Gram and Gramps intend to visit. If you did a respectable job building equity in your starter home, you can sell it for the down payment. But here's the key (unless a job transfer or other life-changing decision throws a wrench into your residential plans), make sure your second home is one that will keep you happy for the next three decades, as that's about how long it will take you to get all the kiddies grown and out on their own.
- Home #3: Ultimately, you and your spouse will find yourselves empty-nesters. Once the initial shock wears off, an overwhelming sense of "holy cow, we're free!" will overtake the both of you and you'll be ready to throw caution to the wind and take that cross-country drive or European backpacking trip you dreamed of when your kids were teething and Little Leaguing and prom queening. Hopefully, by this time, your second home is paid off thanks to your career success and awesome money management skills. That, combined with the equity you've built up in home #2 will have made you golden in the financial department. So, you'll have no problem buying that cute, downsized abode that you'll retire in. Condominiums and co-ops are a top option, as you'll be spending less time at home and more time traveling, finally learning to swing dance and enjoying random empty-nester shenanigans. You'll want to opt for the 15-year, fixed-rate mortgage because, after all, you won't live forever and you really don't want to leave your kids dealing with a probate nightmare. You'll also want to secure a great life insurance policy to help pay any applicable estate taxes.
No matter which home/life stage you're at, if you're planning a move to or from the Washington, DC metro area, call 800-530-2626 and speak with a McKendree Moving & Storage moving specialist today.