Homes come in all shapes and sizes. This holds true whether we are talking about lot size, square footage, fine detailed finishing touches or the budget required to live in a home. Therefore, as with all of life’s decisions, your choice requires considering many factors and blending them into your definition of a dream home.
Learn from Warren Buffet when selecting your next home:
Warren Buffett is one of the most financially successful men in the world. Whether he is the richest investor on the planet, or a close or distant second, depends on how you value the many companies Berkshire Hathaway owns outright or has a major stake in. Non-one understands their value better than Mr. Buffett and his writings indicate that his valuations would clearly make him the wealthiest man on earth.
However you value his holdings, this much is certain. There is no home standing or conceived that Mr. Buffett cannot afford. Yet he lives in the same modest house he acquired when he started his business decades ago. Clearly, this home satisfies his needs and desires. It is his dream home. The lesson to be learned here is that a wise man defines both success in life and his dream home as he chooses. He is not driven to live up to others’ ideals or expectations.
First Home: Should you buy or rent?
Consider this concept seriously when setting your aspirations in search of your next home. If you are seeking your first home, view home ownership as a stepping stone to your future, a way to build equity, a vehicle to save painlessly. A first home can be a measure of achievement, a sign that you have arrived. It may also provide a degree of security that renting never can.
Do you realize that in the current environment, with interest rates at historic lows, home ownership is less expensive than renting? In the Ocala area it is common to pay one third less in housing costs when you own than when you rent. But best of all, while rents rise over time, payments on a fixed rate mortgage do not. Therefore, as your income rises from year to year, your home becomes more and more affordable. At the same time, as equity builds due to appreciation and the repayment of your mortgage debt, you are also building a down payment to use should you decide to upgrade in the future. So why wouldn’t you want to own a home?
Your next home – Choosing the lifestyle of the rich and famous:
On the other hand, if you are a successful entrepreneur and define your dream home as a vehicle for living the luxury life of the rich and famous, go for it. But do it because it pleases you, not to keep up with the Joneses. Select the features that are important to you and will deliver the lifestyle you cherish. If you entertain frequently, you may desire wide open living spaces ideally suited to large gatherings. A well appointed pool area with a summer kitchen and a beautifully furnished sitting area may give you the opportunity to entertain outdoors on enchanting evenings featuring starry skies. Detailed woodwork, stone flooring and counters and architecturally stunning windows may define the luxury you seek.
However, you would be wise to consider the costs associated in endeavoring to live in this way. You would be well advised to consult your financial planners to seek their opinion as to the impact this will have on your long term investment strategy. Sometimes people move too quickly, assuming that their income is secure and will continue to rise. However, many then find themselves house poor and stressed when faced with an unexpected downturn. Act strategically and enjoy the fruits of your labor.
Downsizing to the lifestyle you desire:
Finally, what if you are considering downsizing and enjoying your golden years? Again, acting wisely and seeking expert advice is the preferred way to plan and move forward. Consult your financial advisor to see what options will fit into your budget. Then decide what lifestyle will best fullfil your dreams. Do you want to live in a planned adult community that presents a myriad of opportunities to remain active and socialize? Do you want spaceous living areas to entertain friends, neighbors and business associates? Would you prefer small cozy spaces? Beautiful reading nooks and a secluded pool may better serve you and enhance your ability to pursue the romance with your soulmate. Do you want to make your retirement home the center of your life, or comfortable retreat to escape to when you are not traveling the world?
Choose a home that delivers the lifestyle you desire and fits your financial plan. It is your life. Do what is right for you. Don’t try to live up to others’ expectations. Here is some additional interesting reading offering insights into the home buying decision. Enjoy:
A guide to buying a new home: many things to consider…..Read this on usatoday.com >
Buying a house has long been a staple of the American dream; go to college, get a job, get married, buy a house, and have some kids. Home buying is just one of the things you have to check off the list in order to be considered a grown up. Read the article on listenmoneymatters.com >
There’s something undeniably luxurious about a big house. Those huge windows, expansive lawns, and massive rooms embody the American dream in a way that few other things in this life can. It is not often cost-effective, but you have spent years-quite possibly, decades-thinking about it and driving past it. Read the article on investopedia.com >
Choose your next home wisely!
Andrew Kruglanski, Broker
Ocala Home Guide Realty, LLC
Website: Ocala Homes Online