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Your Forever Home: Trading Up to a New Home in Arlington, VA

Your Forever Home: Trading Up to a New Home in Arlington, VA

Hi!

What really is your Forever Home in our area, Arlington, or many places in DC, MD or VA? Rarely is it the first home you buy. Part of this is price point and one’s income, though mostly it is the inevitable factor of life changes. So, while the name “Forever Home” could be considered a misnomer if one considers it the first  – or even the second – home they buy, why not see it instead as the last home you will buy?

With this being the reality in our area, one working to get to his or her Forever Home inevitably falls into the category of trade up buyers, which are the largest category of home buyers in the US. You might think that these buyers have planned for the inevitable trade-up. Not so. Few have a strategy, especially from the get-go – their first purchase – to get them to where they want to go next, and next, and next: Their Forever Home.

Most buyers decide to buy because of  interest rates or more likely a new job that pays more money, a move to another city for work or family reasons, or a family change: marriage, starting a family or a new family member on the way. And these decisions, though perhaps thought about at some level over time, are more than often made relatively quickly based on sudden or soon-upcoming life events.

The greater majority of of the time, little or no attention is given to the possible or planned life changes by purchasers or their Realtors as to where the buyer wants to go with their next purchase, the one after, or however many they will own. It is pretty rare, depending on the area of the country, that buyers purchase their first home as their Forever Home. And ours is definitely towards the top of this list.

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When I consult and coach my buyers on purchasing in Arlington, or anywhere in VA, DC or MD, I have them consider the possible Forever Home they would like and step backwards to today’s purchase, because we want to take the best care of our clients and their money. Is this more work than just purchasing a home today for today’s needs? Consider this: The majority of buyers will find that it is more work to discover a hidden need three or so years down the road and then want to sell their house, do it under less than perfect conditions, perhaps, including pressure, and have to do the work of moving again. And possibly lose money in the process – or worst of all, not be able to move based on monetary considerations. A forward-looking plan can can get you to where you want to be today and also way down the road – even to retirement.

How do we do this? We look at:

1. Your needs in 5, 10, 20 or more years

2. Work backward from this house size and location

3. To what you can buy today that will be a great investment and you will be able to sell on your planned schedule

4. Take that equity and invest in the next home that you have planned for

5. Buy the next one

6. And so on, and so on.

Does this take planning? You bet. Does it involve projection as to your finances, including income, and the approximate cost of a home in the future? Sure. The ultimate question, just like planning for what you want in life is:  D0 you want to plan for it now, or have it sneak up on you in the future, and not having controlled it, get what the outcome is? Most people prefer the latter though not take the time to do the planning. What do you prefer to do?

I hope this was helpful. Please call on us with any questions or to plan for your Forever Home in Arlington, or anywhere in DC, MD or VA. Because, in reality, your “Forever Home” is very likely not the first home you will purchase, and it will be the last.

Cheers,

Ken

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