4 PHASES OF HOME OWNERSHIP THAT YOU SHOULD KNOW
4 STEPS TO HOME OWNERSHIP
Home ownership is a unique experience for everyone. While one man’s shack is another man’s mansion, there are four common phases you’ll likely experience as a homeowner. Below, we’ll discuss what they are and what you can expect from each.
PHASE #1: THE BEGINNING
Your things are all packed and you’ve notified all the powers that be of your impending move. The day finally arrives when you get the keys to your new home. Upon unlocking the front door, your excitement rises as the possibilities swirl in your brain. You can’t wait to get inside and start unpacking.
This is the beginning phase when everything is new and exciting. You can’t wait to unpack and start making the house your home. From decorating to arranging furniture and beyond, making the home yours is a top priority.
PHASE #2: SETTLING IN
It may take several months or even a couple of years to reach phase two, but in this phase, your boxes are unpacked (most of them, anyway) and you’ve begun living and enjoying life in your new home.
In the second phase, you’ve found spots for your belongings, gotten to know a few neighbors, had an overnight guest or two, done the majority of the decorating, and learned to love your home’s unique personality.
PHASE #3: FIXING IT UP
After living in your home for several years, it’s likely you’ve built up some equity that can be used to make improvements and upgrades to your home. If you bought an older home, you might want to upgrade certain aspects such as the roof, furnace, or windows.
If those major systems are in good shape, you might be considering making renovations to better suit your lifestyle. For many people, remodeling makes more sense than buying a new home.
PHASE #4: SELLING AND MOVING ON
There may come a time when you decide to sell your home and move on. This phase is often bittersweet for most homeowners, but for many reasons, it’s the right option. From getting a new job in another city to downsizing once the kids have left home, the reasons are virtually endless.
When you close your front door for the last time and your emotions get the better of you, remember, the next time you purchase a house, you’ll be better prepared to handle the four phases of homeownership thanks to the experiences you had in that very home.
Home ownership is a wild and exciting ride. You’ll have ups and you’ll have downs, but overall, it’s a positive experience for most people. Keep the four phases listed above in mind as you shop for your next home, so you’ll be prepared for the journey ahead.