A domicile, or home, is a place used as a traditional or customary residence of an individual, family or group. It is usually a fully enclosed or partially enclosed space with all the amenities of home and is usually designed in a style prescribed by a country estate. It has all the facilities and interiors that a person could want to have at home such as kitchen, bedrooms, bathrooms, living rooms, dining and recreational spaces etc. It may be made of different materials including brick, concrete, timber, stone and many others. It could be rented for a fixed term or can be let as per the tenant’s choice.
There has been much debate on the meaning of home ownership and the reality of what it actually means to be a citizen of a country. Some individuals and groups have been arguing that the definition of home ownership includes only the real property such as buildings and personal belongings. But the United Nations has pointed out that this definition of home ownership is subjective and it depends on the laws of different countries. The main issue is that everyone should have the right to call their home a home and have all the facilities of home at the same time.
People do not necessarily go out to buy homes in the outer premises of the house; rather they use their existing houses as living quarters. A lot of people are renting out their homes in the outer premises of their houses. The United States Department of Housing and Urban Development defines home ownership as “the use of your home as a place of living with the exclusion of your dwelling place”. The United States Department of Agriculture and the United States Bureau of Labor Statistics on the other hand define home ownership as “the use of your home as your place of residence”, which they defined as “using your home as your regular place of abode”, inclusive of sleeping arrangements for adults and children.
Since the criteria for determining home ownership are different from country to country, every state has its own laws pertaining to home ownership. So the question of yours whether your house qualifies as ‘forever home’ depends on the laws prevailing in your state. However most people would be happy if their house were listed under the category of’starter homes’. Starter homes are generally second homes.
Home-equity conversion loans and home-equity conversion trust are the two types of starter homes. In the case of a starter home the person borrowing the money owns the property permanently and he does not need to pay off the loan. Home-equity conversion loans are a bit different; the money obtained from the loan is used to buy the property. Thus if you are buying a property because you think you are going to need some extra income in the future and the only way to obtain the extra income is by purchasing a home then the starter home may be the right option for you.
However if you are buying a property because you think that you are going to want to live there for the rest of your life then you should go for the second type of home. After all no one ever buys a property just because they think they are going to need it for the rest of their life. In this case you would need to get yourself a starter home loan. Then when you sell the property in future you can repay the loan and still be able to buy another starter home. I hope this article will help you understand the difference between a starter home and forever homes and what is right for you.