When Lenton Company first meets with a homeowner to discover their needs and vision for a remodel, they ask if this is the homeowner’s next home or forever home? You may wonder why that matters. If it’s a next home, then the scope of the remodel will likely take into consideration its impact on the future resale value of the home. In contrast, a forever home’s main consideration will be for the homeowner to stay in their home as long as possible as the home’s occupants age and transition into their next life cycle. It’s an important, thought-provoking question that not only takes into account their present-day situation but focuses the homeowner on future plans.
Next homes (and starter homes may fall into this category) are places you’ll probably stay only several years or until a major life change or milestone occurs. Having kids, a job change, or moving to a different city/state are common examples.
Advantages of a next home are affordability since they tend to be less expensive than forever homes. If it’s a starter home, you might be able to purchase it sooner than a forever home. It could also be an investment property with a passive income stream if you don’t need to sell once you’re ready to move.
Disadvantages are that the home may be smaller with limited amenities and more modest than a forever home. Selling in a few years could be a hassle given unknown volatility in the housing market and interest rates.
Remodeling opportunities are plentiful and can provide a competitive edge for a future sale. This is especially true for tract homes in large developments where a remodel will not only update the home but distinguish it from others in the tract. There’s also the personal enjoyment you’ll have while living in the home and making it suit your own taste and style.
A forever home is exactly as the name describes. It’s a place you plan to live in for a very long time, and possibly for the rest of your life. For homeowners looking to settle down long term, a forever home is appropriate.
Advantages may be a larger home featuring more amenities, such as a large outdoor space, extra storage, and a back deck or patio for entertaining family and guests. If you plan to stay in the home for decades, there’s time to pay down the mortgage and have the home appreciate in value.
Disadvantages are that this type of home may be more expensive since it is typically larger with room to grow. There’s less flexibility if plans change within a few years. Given the possible higher purchase price, the potential for losing money on an earlier than planned sale is there.
When considering remodeling opportunities for a forever home, the sky’s the limit. Homeowners can make as many changes to the home as they want, and a larger home may have plenty of space to do just that.
The Lenton Advantage
Lenton Company has served the Antelope Valley and Santa Clarita Valley since 1984 spanning three generations as a family-owned business. Its mission is to design, build, and remodel exceptional, life-changing spaces. Their team first meets with a client to discover their pain-points – problems, obstacles, what isn’t working – then custom tailors a design to their space and needs. From there the design team ceremoniously delivers the plans to the build team and work begins in earnest.
Whether it’s a next home with future resale value in mind or a forever home that addresses future needs, accessibility, and mobility discreetly and beautifully added to the home, Lenton Company asks the right questions in discovery to ensure the best outcome.