Which home would you buy?

There are some interesting statistics about what house you will buy. If you are 55 years-old or older, then you are going to buy a newer home. If you are 34 years-old or younger, then you will likely buy a house that is 21 years-old or older. Why?

When you are young, a fixer-upper is not as daunting a purchase. So an older home location in the city or town, is the first choice for most younger Canadians. Condos are still an attractive choice, mostly due to the lower cost, but the greater percentage, 65% will still opt for a house.

As the Baby Boomers age, they are choosing a one storey home over the four level split. It is just easier to get around in a home with one main floor. Stairs can be a challenge for arthritic knees.

Where would your ideal home be? Would you like the fresh air and open spaces of country life? Remember, there is not a local store for miles and the howl of the coyotes at night, can be a very lonely sound. Perhaps the big city is more to your taste. The city will have more job opportunities. but also higher prices for your day-to-day living.

Rent-to-own is an option that more are exploring. You agree to purchase the home at a certain date for a set price. A down payment is often given. and sometimes a portion of the rent is taken off the total purchase price. The agreement you make needs to be in writing. Title on the property does not change, until everything is finalized on the set date.

Shared space is becoming popular. A mom and dad will purchase a duplex. One of the married children and family will move in next door. The younger family will pay rent to mom and dad. The situation can work well with the grandparents helping with the young children, and the whole family working on the yard work as a team. The other option is to jointly purchase the property.

With society now so mobile, you shouldn't be afraid to take the plunge. If you feel that "the grass is greener on the other side", then you can sell your existing property and find something else. Many young families renovate and develop their properties. and then sell the new, improved version. After doing this a few times. they will end up with the home of their dreams, in the neighbourhood where they want to live.

For the older family. you might consider selling your property and renting. With a good investment (with a decent rate of interest), you can have your cake and eat it, too! You can have the freedom of a rented condo, where you can turn the key and walk away to enjoy your holidays and retirement. As long as you can find an appropriate interest return on your money invested, then this can be an attractive option.