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If you spend a significant amount of your time traveling, you might be used to living in hotels or renting out homes until you book your next flight. It can be challenging to determine which place you should call home when you’re always on the go.
People travel for many reasons, including work, medical treatment, family, or leisure. But many travelers seek a home to come back to after a trip. The total contribution of travel and tourism to the global GDP was approximately USD 4,671 billion in 2020.
Choosing the ideal location for a home when you don’t spend much time in it can be tricky. You can consider a few factors when looking for the best place to purchase a property to fit your individual needs.
House Pricing & Affordability
Compare the house prices among different regions to determine which one best fits your price range. This will help you narrow down your options and look for homes in a location that you can afford.
In some cases, you might have your heart set on a specific location, but legal requirements can make the process challenging. For example, if you can afford a home in a particular location but don’t have sufficient income to show, it might be difficult to secure that home. But, you can choose alternative methods to prove your affordability. You can show your assets, cash reverses, or even ask a family member to write a down payment gift letter if they’re lending you the funds.
A down payment or mortgage lift letter lets the lender know that someone in your family is gifting you the funds for the down payment with no obligation for you to return the money.
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Purpose of Frequent Travel
The reason you travel frequently is also crucial when selecting a location for your home. If you tend to travel for work, it might be better to choose an area close to your usual work destinations.
If you usually travel for medical purposes, it might also be helpful to have a primary residence close to the clinic you usually visit. This can reduce your travel time and allow you to recover safely if your treatment has downtime. It is also easier to return for follow-up appointments if you live nearby.
Think about why you often travel, and if there are multiple reasons, choose the one with the highest priority to determine where you should live.
Nationality or Citizenship Status
Your nationality or citizenship status may also simplify you to choose your ideal home location. For example, if you’re a Canadian citizen, it might be reasonable to purchase a home in Canada as it could be beneficial. If you’re a first-time buyer, you can take advantage of the first-time homebuyer incentive introduced by the federal government, allowing you to lower your borrowing costs.
Another reason nationality or citizenship status plays a role in your purchase is you may not be eligible to purchase a property in certain regions. Canada’s Budget 2022 revealed that the country imposed a ban on foreign investment in Canada to ensure that Canadians own most housing.
Photo by Erik Odiin on Unsplash
Personal Preference
Many factors play a role in helping you decide where you should purchase your first home. But your personal preference is essential when making the final decision. Choose a location that meets your needs and makes you feel comfortable and happy to be back home!