The Four Phases of Home Ownership

WRITTEN BY AYUSHMAN PERSHAD, CO-FOUNDER, PROPCORNER

Whether you’ve lived in your home for a day or a decade, buckle up — home ownership can be a wild ride.

You may live in your home for two years, or you may hunker down for two decades. But no matter how long you call it yours, you’ll likely experience these four key stages of home ownership — from the day you get your keys to the day you hand them off to your home’s new owner.

Read on to learn more about what to expect from each phase.

Phase 1: Starting out

The “sold” sign is posted, your belongings are packed, and the day finally arrives — you get the keys to your new home. You open the front door, and possibilities abound. How will you decorate? Where will that new couch go? Which rooms will the kids choose?

This first phase is all about unpacking, settling in, and getting to know your new home. If you’ve upsized from a smaller home, you may be tempted to jump in and start filling all that extra space.

It’s always good to be in your home for a year or so before knocking down any walls. Get your furniture in there, unpack, and see how the home lives. It’s hard to know how the space is going to feel until you’ve been there for a while. Go through all the seasons at least once.

Phase 2: Settling in

It may take you a few months to move into the second phase — or even a few years (we won’t judge if you still have packed boxes gathering dust after a year or two). But this phase is when your house becomes a home, and you start enjoying your everyday life in the space.

You’ve figured out where all your belongings should go, you’ve done the bulk of your decorating, and you’re getting to know your neighbours and a few local hangouts. You’ve likely celebrated the holidays in your home a time or two, welcomed out-of-town guests, and gotten to know (and love?) your home’s unique quirks.

Phase 3: Fixing up

If the housing market continues its current upward trend, it’s likely that, after even a few years in your home, you’re sitting on some equity. So what should you do with it? Phase 3 is often the time when homeowners can take advantage of equity they’ve gained.

First, if you bought an older home, it may be time to update some of your home’s major systems — think furnace, roof, or windows. Many people have no idea they can access their home’s equity. They think the only way to take advantage of their home’s increased value is to sell it, but in reality, there are some great ways to access the equity in your home while still living in it.

Second, after living in your home for a few years, you probably have a better idea of the renovations that would really make your home work for your lifestyle.

There are lots of reasons why someone may decide to remodel instead of sell and look for a new home. One thing that appeals to many homeowners is the custom aspect of it. You can design and create exactly the type of space that fits your lifestyle and speaks to how you use your home.

Phase 4: Moving on

When will you know it’s time to move on? And what will prompt you to move somewhere new?

Usually, it’s some kind of transition that causes people to sell. A new job, a growing family, or downsizing once the kids move out. In big cities, we’re also seeing people moving from more centrally located neighborhoods to farther-flung suburbs, where their money will get them more.

Whatever your reason for putting your home on the market, the day you sign on the dotted line and close your front door for the last time is likely to be a bittersweet moment. But change can be good, and the next time you buy a home, you’ll be well-versed in all four phases and know just what you’re looking for.

DISCLAIMER – The views expressed are solely of the author and Propcorner.in does not necessarily subscribe to it. Propcorner.in shall not be responsible for any damage caused to any person/organisation directly or indirectly.

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