Plan before you buy a home.
When purchasing a home plan for the next ten years. Most homeowners only stay seven years, but the older you are the longer you will stay statistics show.
Two people close to me: my mother and prior business partner Bill Broza both suffered from strokes in the past years. They have similar dilemmas. My mother owns a two story house in Laguna Niguel with no downstairs bedroom and only a powder room on the first floor. Bill also lives in Laguna Niguel in a Spanish style two story with only a tiny powder room on the first floor.
A house can be adapted. We reviewed adding a stair lift or elevator but both are costly and unsightly. A stair lift is a motorized rail and chair that attaches to existing stairways. I was concerned that my Mom could easily fall off the lift and be stranded on the stairs perhaps for hours. I looked into adapting each house by adding a elevator. Cost to construct this was about thirty thousand dollars, and because it would change the functionality of the homes and elevator might bring the value down.
Other possible remodeling such as enlarging the downstairs bathroom to add a stand up tub can cost between ten and thirty thousand dollars. Adding a funky bath is not going to help her when she does choose to sell her home.
My mom is set on staying in her home. The cost of care layered with remodeling is prohibitive. Temporarily last year she lived with me.
My point is: for example you are a young couple who may have children in the coming years. Look to what future the subject property may need to be changed to fit the lifestyle.
When the downturn occurred many homeowners could not easily sell their home and make changes. They owed on mortgage loans larger than the value of the home. Life always holds surprises ahead. Planning for them makes it easy when they occur.
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