Where should I live is a subject of concern that does not have a single answer solution for everyone. The location where you should live is the most important factor to consider. It depends a lot on the buyer’s age and their priorities. To put in simple words, every city and every area offers something for everyone. However, to be truly happy it is essential to go for the neighborhood based on your need. Let’s discuss the connection between the buyer’s age and home buying.
This write-up intends to explain how priorities change over the years. Most importantly, how home buying assessment depends on the age of the buyer.
Buyer’s Age and Home Buying
Age 25-35
At this stage, buyers generally look for a starter home. A home that puts them near their workplace, shopping malls, salons, and restaurants. In particular, areas where there is a feeling of community. An area where they can get together with people of similar interests and lifestyles. A reasonably priced single-family home with one or two bedrooms with good resale value will meet this need.
Age 36-46
This section refers to a settled down group. To put in simple words, a group that started a family or have one planned. They look for real estate that offers the potential for resale value, but not always, as they intend to stay at the chosen area for some time. At this age, buyers prefer ready to move-in homes. However, few want to personalize the whole lot. Most importantly, all want a house that is close to schools and office areas. Besides a safe locality with a strong community feel are what buyers at this stage look forward to.
Age 47-57
This is a stage of reflecting and re-prioritizing. To put in simple words, people at this age have generally reached the peak of their career. Besides, they have raised their children as well. They at times wish to relocate where they were a couple of decades before. They look for a home that is suitable to the services and amusement they need and take pleasure in. Many look to invest in a second home in this age bracket. A rental income from their property would give them a financial support post-retirement.
Buyers Age and Home Buying 68 and Over
This is the age people have enough free time. They generally wish to spend time in gardening and staying in an area free from the hullabaloo of the city. A place from where they can easily be in touch with their loved ones and pursue their interests. Buyers prefer an area with hospitals, banks, departmental stores, an area with reliable public transportation etc. Some will choose to move into a small property to avoid too much of maintenance.
Wrapping up
The age of the buyer has a significant role in deciding where he should settle. To put in simple words, there is no as such right age to buy a house and things to consider. In particular, the priorities change with age. In fact, you can always plan and choose to pick the area as per your requirement. However, if you have financial constraints; choose a property where you can spend all the stages of life happily.
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