A: The old idea of buying a home, creating equity then upsizing every four years has changed for a lot of people. Although Colorado Springs has not seen as low drops in the housing market as other parts of the county, we were not immune and many people are realizing that they now need to stay put in their current homes for longer than they originally planned.
As we recently learned the housing market doesn’t just go up and up, however owning the same home over the course of your lifetime is almost unequivocally guaranteed to protect your home equity and long-term financial benefit. The key to this stability is finding or building a home that is flexible to your current and future needs. The young homeowner should be looking for a home that can be easily and affordably expanded in the future and eventually converted into a place suitable for the limited mobility of older age.
Although you may not have originally planned to stay in your current home this long, you may still have more options than you believe. Even if you hadn’t considered the plausibility of home additions or major remodels when you bought your home, the technology, innovation, and work force of the home remodeling industry has exploded in recent years. The projected demand of home remodeling, improvements, repairs, and maintenance is driving a great push to expand the technology of retrofitting older homes with everything from stronger roofs to withstand natural disasters to low-cost modular home additions. Instead of energy-efficient A/C units and furnaces entirely new heating and cooling systems are being developed that show that solar panels are just the tip of the iceberg. Rather than being frustrated at your inability to move up, you should look at the number of ways you can transform your current home into the custom dream home you’ve always wanted.