Buying a home can be a stressful process. Spending hundreds of thousands of dollars is not a small decision. When looking for a home, we always want to find a dream home with every item on our wish list. When you are house hunting, here are some criteria to decide if it is time for a forever home or a temporary one.
The biggest determining factor for most people is their budget. Can you afford a dream home, or is that something for the future? And be realistic on what dream home you will be able to afford in the future based on your current income and savings.
Because real estate typically appreciates in value, with some big, noted exceptions, many homeowners buy a home with a mortgage, and as the value and their savings increase, they can sell the home and upgrade to a better one in the future.
If you are single, buying a home for a family with four kids may not be practical. In those cases, you are better off buying a “starter home” like a condo or small house, then upgrading to a bigger home once you are in a serious relationship and see kids in the future.
If you find a great deal, there is nothing wrong with buying a longer term home. Just keep in mind that more expensive homes typically have higher property taxes, and your dream location may change in the future.
If you are a young downtown partier, why not live in downtown while you’re young and save the house in the suburbs for later? This is common, and a great reason to skip the forever home in favor of something smaller in a more central location.
Location is one of the most important driving factors in real estate, so you should always weigh the pros and cons of any home location. Is it good for now, for five years, or longer. If you want to be in an area for less than five years, you could be better off renting.
If you are going back to school to upgrade your career, you may want to move for a better job in the not-so-distant future. If you are in a dead end job or want to change employers, it doesn’t make sense to buy a home right now at all, because you could find yourself working in a totally different part of town.
If your job is stable and you are at an employer you enjoy, your career shouldn’t stop you from buying a home. If you predict any big changes in the near future, you should hold off on buying a forever home, or any home, until everything is sorted out.
Some people just like to pick up and move. That’s okay. But if you have that tendency, paying closing costs to buy and sell homes frequently can quickly drain your resources. If you are moving around regularly, hold off on buying a forever home until you find a place you are ready to call home and set up roots.
Buying a Forever Home or a For Now Home? A Qualified Agent Can Help.
Whether you are looking to buy a forever home or something else, talk to a trusted, qualified agent to help you find the right fit. If you are about to start the search for a new home, you first need the right agent. To find the right agent, start your search at Agent Harvest.