First Home VS Forever Home
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What's the big difference between your first home and your forever home?
I'm actually going through this process myself at the moment, so I thought it was something really relevant to speak about.
First Home
With your first home, ultimately, you're going to leave there, one day, you're going to sell it, and you're going to want the best value possible for it.
Getting a good increase in value is then going to help you buy your forever home, put a deposit down, things like that.
I'm going to use an extension as an example here.
So an extension will increase the value of your home because you're making it bigger. However, you might find that the cost of this increase actually breaks even with how much it's going to cost you to do the working carry out. You might find that it actually increases the value. Then it's a no brainer, if it's something that you are willing to do.
However, the decision here in your first home is that it comes down to costs and how that's going to help you.
Forever Home
Now in your forever home, if you're making a decision, it's probably been prompted by completely different scenarios.
So maybe you need a bigger kitchen because you like entertaining. You need family space. Maybe you need a home office.
These are all lifestyle decisions, as opposed to a financial decision, which is the key difference between the first home and forever home.
In your forever home, if you are planning on spending a long time there, then you will benefit from probably increasing the value anyway, because properties increase over time.
✨If you are in your forever home, or you're just moving into one and want to get the most out of your home to increase your lifestyle and quality of life, then contact AFTA today. We would love to help you on your renovation project.
