The '20 Year Plan' Purchase
It's a smart and interesting concept in that gone are the 'piggy back' jumps into the eventual larger home as these buyers are going from the empty nester home straight into the 'forever' home. If you have the financial where with all, that can work out wonderfully with the mortgage rates still so forgiving. But, the peer pressure to do so is really not possible for everyone.
What we are seeing is still the 'instant gratification' in what their parents are just now starting to afford, the kids want right now. That being, the granite kitchens, in ground salt water pools, finished basements, 4 bedrooms with hardwood flooring style homes. Keep in mind, that inasmuch as it is nice to have the perfect entertainment home, putting in all these renovations at once time will mean the upgrades will depreciate in the same time frame, making all this renovation necessary in 20 years, just in time for the University costs.
Doing some projection planning for renovation makes sense.
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