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Hi everyone, welcome to another edition of Homebuyer's School.

Today I'm joined by Bridgette Beaulieu, a area manager

with Brookfield Residential, and today the question we're gonna answer is,

"How long do I plan to live in my future home?" So when someone's buying a

house, how long do they typically plan to live in that house?

It depends if it's their

first house, the second, third what not. Usually when it's one of your first few

homes that you do stay three to five years, the idea is to get into the

housing market and build equity, and so typically three to five years you've

done that, you can sell and move on to your next home. As time goes,

people's lives change as well, families come along, as kids begin to kind of

age a little bit--become toddler-ish, that's when you might plan to stay in

your home a bit more--

--or you probably need a bigger space maybe?

Exactly, exactly.

Do you notice that certain people, maybe it's your second

home, your third home, do they start staying longer in those homes?

From my experience, second homes still do that--or still maintain the 3 to 5 year

range--third homes, fourth home, those do tend to extend. You're starting to--how

can I say it-- each home you buy is a move up and so

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 have left, right, they've gone

either off to college or you know, they're starting their own families

right, and then you don't need all that space, then obviously do people--do you

find people just continue living in their third or fourth house?

From my experience, when people are in that empty nest 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, they don't

want to just stay at home all the time, they don't need all that space, and also

that house is equity, so now they can cash it in.

Perfect, well thank you very much

everyone for joining us and we'll catch you next time.

That's another edition of

Homebuyer's School, tune in next time for

more expert tips and tricks, and visit

homebuyersschool.ca to bring you one

step closer to finding your dream home.

As with everything, it would be great if you

like and share our videos, also please let

us know if you have any home buying

questions you want us to answer.

For more infomation >> How long should you live in a house before selling? (especially for first time home buyers) - Duration: 3:06.

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Working with S H Block Tax Services: How Long Does the Process Take? - Duration: 1:13.

How long does it take to deal with this?

How willing and how ready are you to work?

How fast do you want to take care of it?

The next thing is, maybe you got into some trouble but you are all filed with your tax returns

If your tax returns are filed, that's the whole second step.

That eliminates that whole process.

You know, sometimes someone has a license that they need released.

And I've seen dad sit on the phone with them in the office, not even power of attorney yet,

and say, "I have so and so in the office and get their licensed released."

A lady came from up the street at the old office.

And she worked for an attorney and came down to Dad.

He got her, her license within an hour on the phone.

Other things like Offer in Compromise take a year, around a year.

It's better if it takes longer sometimes because a quick answer is usually a quick no, you're

denied. But the longer processes can take a year.