As you age, the home you live in should change. This is important for personal, financial and even physical needs. The wrong home at a certain age will impact your health while choosing the wrong type of property at another age could cripple you financially. So, let’s look at where you should be living at age stage in your life and why this is the best and brightest decision.
Twenty To Thirty: Living A Friends Kind Of Life
Ideally, you should be looking to live in an apartment between twenty and thirty. There are various reasons for this but let’s start with the financial benefits. Living in an apartment will ensure that you have a better chance to afford it. It’s far easier to pay off a fifty thousand apartment compared with a 200K home. This means that you are less likely to end up in a debt trap because you bought that three bedroom house far too early when your paycheck simply couldn’t cover the cost.
Don’t forget that tax and energy bills are also incredibly expensive for a house, at least in comparison to an apartment. For instance, you buy an apartment on a middle floor, you won’t need the heating on in your flat as much because heat will be rising from the properties below you.
There’s another financial benefit too. With this type of property, you can avoid issues with repairs, particularly if you are renting. Once you buy a home, you will have to pay for any repairs that you complete. The beauty of buying an apartment is that the building owner will be responsible for at least some of the repairs and need to pay a certain amount of the cost. Particularly, if the issue was caused by a fault in the building.
As well as this, you can consider renting and dodge repair costs completely. There’s another reason why renting an apartment is a smart choice at this age though and that brings us to personal benefits.
When you rent an apartment, you’re not tied down at all. You’ll be able to move on whenever you want which is great because job security at this age is rare. You need to be able to move for a job without having to worry about selling your property first.
On top of that, there are other personal perks. Young people won’t often be living in houses because they can’t afford them. Instead, you’ll find them in apartments. So, if you want to live close to people in your age group an apartment really is the best possibility. And hey, if the elevator breaks down, at least you’ll squeeze your morning work out in for the day.
Thirty To Sixty: A Comfortable Middle Age
As you get older, you’ll be looking for a place to settle down. This is when you want to think about purchasing your first home. You can move to a larger place after a couple of years because hopefully during this time, your income will be rising so you’ll be able to afford it. You’ll also be building up your savings making that deposit more manageable and you should be keeping a check on your credit score. Buying now is the right time because it gives you the stability that you need and you will probably be in the position where you can afford it. This is also the time where you’ll have settled with a partner typically, once again making the cost more manageable.
You won’t be moving around anymore either. Once you reach this age, it’s likely that you’ll be fairly set on where you want to be and what you want to do for a career. This won’t be true for everyone but for the majority, at this point you will have chosen your path so it makes sense to put down roots.
You might also be thinking about having kids. If that’s the case, you need to make sure that you have enough space for them to grow and play comfortably in an area that you feel comfortable they’ll be safe. New build plans in fresh developments are perfect for this with the large gardens that new couples and small families will love.
The other benefit of buying a home is that it gives you finance power to upsize when you want to. You’ll be able to buy a bigger home with even more space, potentially for a growing family. You should probably start looking at this around forty or forty-five and that’s the place where you’ll spend most of your life. This will be your final family home and it will probably be in the suburbs or even a rural area.
Sixty Onwards: An Easy Retirement
Finally, when you hit sixty, you’ll be reaching the stage where, if you had kids, they’ll be moving out and onto their life. If you didn’t have kids, it’s still time to make another move. This time, you should be looking for a bungalow and this can be a move after retirement or before it. The key factor to consider is that you need to be in good enough health to handle the move.
Don’t forget, moving home can be quite stressful and you don’t want to put this off until too late. Anytime around sixty is the right point for this type of change. The main reason for a bungalow is health purposes. It’s about making sure that you don’t risk slipping or falling down the stairs. Once you get to this age the body takes longer to heal and you are more at risk of complications.
As well as this, your income will be more limited so it makes sense to downsize to somewhere a little smaller that is more affordable and comfortable. You might even consider returning to an apartment, particularly if your keen to get an extra level of security that a shared building provides. Moving back to the city can also ensure that you remain sociable even as you age.
We hope these stages of homes help you choose the right type for you, regardless of your current point in life.