However, it is inevitable that many homeowners start to think about moving up, and for many buyers, the notion of a forever home comes into play.
Even though many first-time buyers want to buy a two-bedroom property, they have strong desires to eventually move to a three-bedroom property, which would be their forever home.
A study carried out by Swinton Insurance indicates the average homebuyer in the country would pay more than £335,000 for a forever home. This buyer would be willing to save for a decade to put this money aside.
What constitutes your forever home?
Of course, there will likely be a difference of opinions as to what constitutes a forever home. The ideal house for one family may be entirely unsuitable for another household. The study states 40% of respondents believe a forever home relates to the memories made in the house while 53% of respondents believe location is essential in finding a forever home.
Given that location is very important in finding a forever home, it should reinforce the idea that the right house is about so much more than bricks and mortar. A great home in a poor location is less appealing than an average home in a brilliant neighbourhood for many buyers. Each buyer is different, so you need to know what you are looking for, but the location will influence many buying decisions.
Knowing that you have friends around you, excellent schools, transport options and shops help people to feel at home, so the importance of location shouldn’t be overlooked when considering a property move.
How many homes will you buy before you retire?
The average homeowner in the country expected to have bought three homes before they reach retirement age while 10% believe they will buy at least four houses over the years. Right now, studies suggest the average age of the first-time buyer in the UK is 28, and the average value of the first-time property purchase stands at £132,563. The average buyer will spend five years in their first property.
Angela Bowden represents Swinton Insurance, and she released a statement, saying; “Everyone has dreams of what their forever home could look like or include. As we get older our families change, and our requirements in a home fluctuate, we need enough space for all of our kids to grow, but once they make their way that space could be wasted.”
Making any move is difficult, so whether you are looking for your first home or a forever home, you need help from local experts. At Austin Property Services, we offer a wide range of services, and we look forward to providing you with the support and guidance you need, no matter what move you make.