Whether it's buying your first home or your third, do you wonder how long you should stay before selling? In this episode, we discuss how long to live in a house before putting it on the market. We also look at how life stage impacts how long you stay in a home...from first time home buyers to downsizing empty nesters.
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Hi everyone. Welcome to another edition of Homebuyer's School.
Today I'm joined by Bridgette Beaulieu, an area manager with Brookfield Residential.
The question we're gonna answer is[00:00:30]:
How long so I plan to live in my future home? When someone's buying a house, how long do they typically plan to live in that house?
Bridgette Beaulieu: It depends if it's their first house, second, third, whatnot.
Usually when it's one of your first few homes, you do stay three to five years.
The idea is to get into the housing market and build equity.
Typically, three to five years you've done that. You can sell and move on to your next home.
As time goes, peoples' [00:01:00] lives change as well. Families come along. As kids begin to age a little, become ...
Karl Yeh: Older.
Bridgette Beaulieu: ... toddler-ish, that's when you might plan to stay in your home a bit more.
Karl Yeh: Or you probably need a bigger space, maybe. Right?
Bridgette Beaulieu: Exactly, exactly.
Do you notice that certain people, maybe it's your second home or your third home, do they start staying longer in those homes?
From my experience, second homes still [00:01:30] maintain the three to five year range, but third homes, fourth homes, those do tend to extend.
Karl Yeh: Oh, okay.
You're starting to ... How can I say it. Each home you buy is a move up.
By the time you're at the third or the fourth, you're getting closer to having that home full of your wants and your needs.
Although what happens, though, when you plan to maybe downsize?
So like, your kids [00:02:00] have left, right? They've gone either off to college or they're starting their own families, and then you don't need all that space.
Then obviously, do you find people just continue living in their third or fourth house?
From my experience, when people are in that empty next phase, they do absolutely want to downsize, because again now their lives have changed.
They tend to have more free time, they want to travel, [00:02:30] they don't wanna just stay at home all the time, they don't need all that space. Also, that house is equity.
So now they can cash it in.
Karl Yeh: Perfect. Thank you very much everyone for joining us, and we'll catch you next time.
Some of our other videos that you may be interested in watching related to buying your first home.
Let us know if you have additional home buying questions that we can answer by submitting them in the comments section below.
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About Bridgette Beaulieu:
Bridgette graduated from Simon Fraser University with a Bachelor's of Arts, majoring in Anthropology. She has been working with Brookfield Residential with a focus on customer care for the past 12 years. As an Area Manager, she has sold over 300 homes.
"People fascinate me; I love working and interacting with them. It brings me a great deal of joy to know I help improve people’s lives."