Choosing the Right Home for Each Stage in Your Life
Buying a new home is an exciting time. It feels like a fresh start with new spaces to fill and more modern features to enjoy. Choosing the right home, however, means considering your needs both for today and for the future. A home is a major investment and it isn’t intended to be for the short term, but that doesn’t mean the home you choose today will necessarily suit your needs forever.
Ideally, you’ll want to stay in your home for at least three to five years to recuperate the initial purchase price and closing costs. Of course, merely recuperating costs is not the point! You’ll also want to build equity that can help you put a larger down payment on your next house or meet your financial goals.
For example, if you’re a young professional or growing family, a smaller single-family home might be ideal for your needs today. It’ll be budget-conscious, allowing you to build equity faster and keep your finances in good condition. However, as your family grows or you need more space, you may find your current home isn’t big enough anymore and you need to upgrade.
Alternatively, if you purchase a larger home to accommodate your family and the kids begin to move out, you may find you have too much home to take care of and need to downsize.
It’s important to consider your current needs, but also how your lifestyle may change over the next ten years to ensure you’re finding the right home and maximize your investment. We’ve put together a guide to help you with choosing the right home at any stage of life.
Related article: Advice for Single Home Buyers
First-Time Buyers
When buying your first home, you may be budget conscious and not in need of a lot of space. Choosing a home that‘s cost-effective yet modern will allow you to build equity right away while living in a home you can enjoy for several years. Consider choosing a duplex, or smaller single-family home for your first house.
Duplexes
Duplex models are slightly larger than townhomes, and you’ll only share one wall rather than possibly two in a townhome. This style of home is a great choice if you need a little more space than a townhome offers, but you still want something more affordable..
Sterling Homes has two duplex models to choose from in the Evolve Series of homes. The Evolve models Revive and Renew are comfortable floor plans with a front attached garage, upstairs laundry, spacious bedrooms, and modern finishes such as luxury vinyl plank flooring.
All of our duplex models offer the option to add a legal basement suite, allowing you to rent out a portion of your home to help pay down your mortgage faster.
Laned Homes
A laned home is a single-family home with a rear detached garage. This is a great option for first-time buyers looking for an affordable alternative in a single-family home model. Ranging from 920 to 1,881 square feet, Sterling Homes offers a wide selection of laned homes to suit both lifestyle and budget.
If you’re just starting out and you don’t need a lot of space, the Solace II bungalow model provides 920 square feet of bright, open living space and a large master bedroom and ensuite. Develop the basement for additional living space while keeping your purchase cost-efficient.
There are several mid-range-sized laned homes to choose from as well, each offering three bedrooms, two-and-a-half bathrooms, nine-foot ceilings on the main and basement floors, and modern finishes.
If you love the laned home look but want or need a bit more space, our Summit model offers 1,881 square feet of living space on three floors! This home has upper floor laundry for convenience, and a wide-open third floor with vaulted ceilings to turn into an art studio, home office, or dedicated play area for the kids.
Growing Families
As your family grows, you may find you need more space. Planning ahead can help you choose a home that not only works for you today but also allows your family to grow into the space without the need to move and change schools. It’s time to move up to a larger home!
In addition to choosing a home with adequate bedrooms, you’ll want to consider floor plans that offer flex space such as bonus rooms, dens, or lofts so your family has the room it needs for daily life.
Your family’s needs also create the need to consider the location of the home. Choose a community that offers great schools and is in an area that reduces your commute time to work and recreational activities.
Below are some models that are ideal for young and growing families; laned homes and front attached garage homes.
Laned Homes
As previously mentioned, laned homes are an affordable single-family home style. They offer more flexibility in purchase price based on square footage and whether you include the garage in your home’s construction or choose to do it later on your own.
Sterling has several laned home models that are ideal for young, growing families, such as the Stellar with its upstairs laundry, extra loft space, and open concept main floor design. The Sansa II offers the same features at a slightly larger square footage if you need a bit more space.
Front Attached Garage Homes
This style of home is ideal for families looking to grow into their space and stay for the long term. Balance your anticipated future needs with what you can afford today to choose the right floor plan for your family.
Sterling Homes offers front-attached garage models ranging from 1,020 to 2,547 square feet, so there are plenty of choices to find the right home. If your growing family expects to need additional living space over the next few years, choose a home with the right number of bedrooms and flex spaces to grow into.
At 1,830 square feet, the Allure model is a great choice with its upstairs laundry, spacious bonus room and bedrooms, and mudroom on the main floor. Its size, as well as being part of the Evolve Series of homes, also keeps the purchase price more affordable while allowing you plenty of space to feel comfortable.
If you feel you will need more space, the Assurance model offers 2,263 square feet with a large mudroom, flex room on the main floor, four standard bedrooms, a spacious bonus room, and an elegant master bedroom with a luxurious ensuite.
All of our front attached garage models offer the option to add a separate side entrance to the basement, as well as a legal suite to help offset the costs of your mortgage.
Multi-Generational Families
For those families looking for a home to host multiple generations under one roof, finding adequate space can be tricky. But there are options. Consider choosing a laned home with a basement suite, a larger front attached garage home, or perhaps both sides of a duplex to not only give everyone their own space but also keep your family together.
Laned Home with Basement Suite
If you have relatives who’ll be living with you, purchasing a laned home with a developed basement suite can be an ideal solution while keeping costs down. Depending on the lot you choose for your home, a separate side entrance may or may not be available for added privacy.
Both Sides of a Duplex
Purchasing both sides of a duplex is a cost-effective option for larger families. Not only will the purchase price of both homes be potentially less than a customized front attached garage home, but this option also offers more privacy for both sides.
Our duplex models offer double front attached garages on both sides, as well as spacious floor plans to accommodate any family. Additionally, separate side entrances and basement developments are available with these models to add more living space if required.
Larger Front Attached Garage Home
If your larger family requires more space, bedrooms, and flexible living areas, you could consider a larger front attached garage home. At Sterling Homes, you’ll find home models with four bedrooms upstairs and the potential to develop the basement to add additional bedrooms and living space.
At 2,053 square feet, the Winston model is one of our most popular models for multi-generational families. Its spacious main floor offers an open flex space, sizable mudroom and walk-in pantry, upstairs laundry, and a large bonus room. Additionally, the basement design allows for development of an additional bedroom and bathroom, with a family room for more living space.
Retirees/Downsizers
You may come to a stage of your life where you’re retiring, your kids are moving out of the house, and you’re looking to downsize. Your current home was likely purchased at a time when you needed more space, but now it is becoming too much to maintain. You may wish to spend more of your time on travel and recreational activities, so finding a smaller, easier to manage home may be ideal.
For this lifestyle, consider choosing a townhome, bungalow, or condo for your next home.
Townhomes
A townhome still offers the comforts of a single-family home in terms of square footage, available space, and style of finish. Having neighbours in your immediate vicinity can add a sense of community and security, and maybe even help when you need it.
Bungalows
A bungalow-style single-family home is a great choice for those who aren’t interested in sharing walls with neighbours but need a smaller home with a simpler design. Sterling Homes offers two bungalow models, one laned home and one front attached garage.
At 920 square feet, the Solace II model is a laned home bungalow with one master bedroom and ensuite and a bright, open concept main living area. Vaulted ceilings open the space and main floor laundry ensures you don’t need to do stairs. The lower level is wide open should you wish to develop it into additional living space.
The Aspire front attached garage bungalow offers 1,020 square feet of living space on the main floor, including a spacious master suite and additional flex room space. Laundry facilities are built into the ensuite bathroom for utmost convenience. As with the Solace II, the basement of the Aspire is also open for you to develop into additional living space.
Condos
Ultimately, a condominium unit is the choice with the lowest purchase price of all home styles. Condos can be a great choice if you’re looking for a home that requires no maintenance, no yard work, additional security, and proximity to shopping and other local amenities. A condo is an ideal choice if you’re looking to be able to pick up and travel without worrying about having someone look after your home.
However, keep in mind that condos also come with monthly condo fees, and depending on the property, these fees can add up. Be sure to consider the monthly costs of a condo and compare the total to that of other home style options. You’ve worked hard for your money, and you’ll want to keep more of it in your pocket when you choose your next home.
Choosing the right home for you at any stage of your life takes careful consideration of both today’s needs and the future. But with the wide variety of choice we offer at Sterling Homes, you are certain to find something that fits your needs, your budget, and helps you achieve your financial goals. Speak to one of our Area Managers today to see how we can help you find your dream home.
About the Author:
At Sterling Homes, our mission is to provide the opportunity for affordable homeownership without compromise. Over the last 70 years, Sterling Edmonton has quickly become one of Edmonton’s most popular builders. We bring more than seven decades worth of exceptional customer service, superior design and unparalleled craftsmanship to the greater Edmonton area. As a member of the Qualico Group, Sterling Homes focuses on greater Edmonton’s finest family communities, while being able to offer some of the region’s most family friendly prices thanks to volume purchasing power for materials, trades and land. This has not only made Sterling one of Edmonton’s bestselling, move-up builders, but also one of the industry’s most respected home providers. It is through our uncompromising commitment to our customers that we proudly deliver the Sterling Advantage – that’s why each and every home we build includes a 10-year home warranty, a completion guarantee and new home warranty excellence rating. Our Advantage is our pledge that, when you build your dream home with Sterling, we will deliver a timely, well-built home you’re sure to enjoy for years to come.
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