Cashing Out On Home Ownership - Hamre RE/MAX Ottawa

🔑🏁Everybody's talking about first time home buyers, but I also deal with final home buyers, last time home buyers, and it's so exciting for them

They see how their investment has grown💹 over the years. They look back at the memories😂, the enjoyment💚, the celebrations🍾 that they had in their home, but more, more and more and more...

...They always say to me "Greg, we should have made this move a long time ago"🙊

       I'm at the Chartwell retirement home in Rockcliffe, and I have two clients in this building behind and they're like many people that I've worked with that are in retirement homes said, Greg, we should have moved here a long time ago👀

That also happens to me when people are downsizing, they're empty nesters, and the kids have gone, and by the way, life's life just begins when the kids🤸‍♂️ are gone and they wanna be closer to coffee ☕shops and amenities🍦. They want to have freedom to fly to travel🛄 but just to have a little less.

They just don't need as much space✔️

When those homes sell🏡💰 they always say to me, Greg, how long is the closing day we want to get on with our next lifestyle✨

I know the last home was full of memories💭 and great celebrations seeing the kids grow up, the family grow. And you'll never forget those memories.

But life continues just like it does in the old age home🌅 that's behind me. I just ran into a couple they were at the front desk. Older, older couple, both in ♿ walkers actually, and they're off to a movie 🎬🍿tonight at the theater in this building behind you. It's so exciting and I love it. I love it when people are excited about their next move.

Cause really your home is where you hang your hat🧢

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.

👉 Life is just beginning for a lot of people, even for my clients at the old age, home behind me, the retirement village.

In the Ottawa real estate market, home buyers and sellers are the two main groups. Both groups have different needs and desires. First-time home buyers are often the most talked-about group of buyers. However, final home buyers or last-time home buyers are often ignored. These buyers are people who have already owned a home and are looking to downsize or relocate. This article focuses on the experience of final home buyers and how it differs from the experience of first-time home buyers.

What are Final Home Buyers?

Final home buyers are people who have already owned a home and are looking to buy a new one that is likely their forever home. This group is often made up of empty-nesters or retirees who are downsizing. Final home buyers are also referred to as "last-time home buyers" because they are not likely to buy another home after this purchase. Their main objective is to find a home that fits their current needs and lifestyle.

The Experience of Final Home Buyers:

Final home buyers have a different experience than first-time home buyers. They have been through the process of buying a home before, so they have a better understanding of what to expect. They are also more likely to know what they want in a home, which can make the process faster and more efficient.

One of the main advantages of being a final home buyer is that they have the benefit of hindsight. They can look back at their previous home buying experience and learn from it. They can also reflect on their previous home and think about what they liked and disliked about it. This allows them to be more informed about their current purchase and make better decisions.

Another advantage of being a final home buyer is that they have more equity in their current home. This means that they can use the equity to make a larger down payment on their next home or in some cases even pay for it in cash. This can make the purchasing process easier and less stressful.

Final home buyers also have different priorities than first-time home buyers. They are often more concerned with location and amenities than they are with the size of the home. They may want to be closer to family, friends, or important services like medical facilities. They may also want to be closer to entertainment and cultural activities, such as museums, theaters, and coffee shops.

Final home buyers may also be looking for a home that is more low-maintenance. They may not want to deal with the upkeep of a large yard or a big home. They may also be looking for a home that is more accessible and easier to navigate, especially if they have mobility issues.

Challenges Faced by Final Home Buyers:

Final home buyers may also face some challenges when it comes to buying a home. One of the main challenges is that they may have to sell their current home first. This can be a stressful and time-consuming process. They may also be concerned about timing the sale of their home with the purchase of their new home. These challenges are a good example of why it is important to work with a professional full-service REALTOR® that can help guide you through the Ottawa real estate market. 

Another challenge that final home buyers may face is that they may have to downsize. This can be an emotional process, as they may have to get rid of some of their belongings or adjust to a smaller living space. They may also have to make some compromises in terms of the features or amenities that they are looking for in a home.

Final home buyers may also face some financial challenges. They may be on a fixed income, which can make it harder to afford a new home. They may also have to deal with higher property taxes or other expenses associated with owning a home.

Whatever your situation the Hamre Real Estate Team is always happy to help. Committed to customer satisfaction and working in your best interests the award winning Hamre Team is your first call in the Ottawa real estate market.

Conclusion:

Final home buyers are an important group in the Ottawa real estate market. They have different needs and priorities than first-time home buyers, and they face different challenges. However, they also have the benefit of hindsight and the ability to use their equity to make a larger down payment or pay for their new home in cash. Final home buyers are often looking for a home that meets their needs and improves their overall lifestyle. An incredible neighbourhood to check out is Centrerown, known for it's close access to great eats on Elgin Street and walking distance from the historic Rideau Canal. This vibrant neighbourhood has amenities that anyone would love. 

Reach out to discuss your options if you are in the market for your forever home. (613) 866-4769