Most people today will buy a home that fits their current needs and their current lifestyle. While you may think you will find the perfect home for the long term, it doesn’t always work out that way. Sometimes your longer term needs may not be something your present circumstances can accommodate. Here is a closer look at the subject.
If you are buying a home that fits your current needs that you plan on for just now, you are probably thinking about what your current lifestyle is and how much you can comfortably afford these days. You also will need to think about how much you may need to save each month going forward towards the home you will eventually trade up to. If you are looking for your forever home you will need to consider other things like anticipation of future needs. For example if you expect a growing family, you may need to focus on space first and updates second as they can be done in time.
When to Buy a Forever Home
A few things need to be considered when looking to buy a forever home. While you need to be sure it is affordable with comfortable payments, you will also need to assess future needs. Is this in a location that will serve you well for a long time? Will it give you enough space? Or will it be too much space for you eventually to take care of? Give thought to your future lifestyle to help audit your longer term needs.
When to Buy a Home For Now
Just like a forever home, a home for your current needs should also be assessed. For example, maybe you know you aren’t ready to settle down just yet. Perhaps you know you may want to make a job change that may come with a relocation. Or maybe you want to own your own place but don’t have the money just yet to afford the home you ultimately want to live in someday. So starting in a smaller, more affordable one is better for you now.
How to Decide
The good news is there are not any wrong answers. Ultimately it comes down to what you are comfortable with and most of that has to do with your current budget. Seeing what you can afford and what is out there for inventory will help you decide on what type of place you can buy these days. The bottom line is both are great options for ways to get into the homeownership game. I am happy to help assist you as you try to decide on which way to go!