Consider your current and future needs if you are in the market for a home. That way, you won't regret your purchase even after years. Below are aspects of your future that should influence your current choice of property.
Household Size Growth
Consider whether the number of people in your house will likely grow, reduce, or stay the same for the near future. Buy your house with that assessment in mind. Buy a house that can accommodate the anticipated future growth.
For example, say you are a four-person household, and a three-bedroom house is adequate for your current lifestyle. Don't buy a three-bedroom house without considering whether your household size might increase or even double in the future. Otherwise, you might have to move if you get more kids or your grandparents come to live with you.
If you don't have children, consider whether you are open to having them in the future. Apart from growing your household size, children affect your home choice in several ways. For example:
- Many people want the safest neighborhoods possible for their children
- Want to live in good school districts if they have school-going children
- Want to live in neighborhoods with facilities that cater to children's well-being, such as parks
Consider such factors when buying a home if you don't want to move once you get children.
Work or Career
Your work, career, or profession determines your commute time, suitable neighborhood, and even space considerations. For example, if you intend to work from home, you need adequate space, preferably with a dedicated room for your home office. Thus, buy a home with a spare room you can use as an office if you anticipate working from home full time.
On the other hand, reconsider buying a forever home if you are still unsure of your profession. Otherwise, you might regret the purchase if you settle on a career you cannot handle in the current neighborhood.
Income or Financial Status
Lastly, you should have an idea of your future finances. Remember that the cost of homeownership encompasses much more than the purchase price. You must factor in maintenance and repair costs, property taxes, utilities, and mortgage payments, among other things. Buy a home you will afford even if your income changes.
You cannot predict the future, but you can anticipate some things and move to incorporate them in your home search. Talk to a realtor to help you choose the best property based on your needs and wants.
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