Look to the Future When Buying a Home

One of the smartest moves a homebuyer can make is to think ahead when buying a new home. For first-time and younger homebuyers, in particular, it may seem overwhelming just to navigate the waters of the real estate market and obtain a mortgage loan for the first time. A lot of families begin home ownership in a so-called “starter home,” which is generally designed to fill a purpose for a few years before moving on to a different or larger property.

In the last decade or so, the real estate market has seen a lot of turmoil. First a housing boom, then a housing bust, and far too many foreclosures and defaults on mortgages. A “starter home” has ended up being a more permanent residence for some individuals or families who assumed that they could upsize later on.

While no one can predict the future, when you go to buy your next home, it’s a wise move to consider the direction you might want to take things in the future in terms of home ownership. This goes for absolutely any home buyer – not just those starting out. Years slip by faster than most of us want to admit, and as our lifestyle needs change, it’s a huge advantage if our home can adapt or grow right along with those needs.

When home shopping, you’ll likely take some time to reflect and make a list of the features that you want in a home in terms of size, design, maintenance, and external factors such as neighborhood, school system, and community. When done right, assessing these factors and their importance can readily guide you to the home you want in the price range you can afford. Your real estate agent can be a tremendous help in narrowing down your home search to properties that reflect your desired qualities.

But while you’re making that list, why not take the extra step of envisioning what your needs might be like down the line? Here are just a few scenarios that might alter the complexion of your home search:

1)    If you’re a young family, are you planning to have more children? If you’re pretty sure more kids are in the cards in the near future, you’ll want to plan accordingly in terms of bedroom and bathroom space and the type of yard, street, and schools associated with homes you view.

2)    As telecommuting becomes more of a reality, many professionals are choosing to work from home. This can be a huge lifestyle change, and may prompt a need for a change in allocation of space or the alteration of a floor plan to accommodate a home office. You might also think about whether a prospective home is wired to accommodate the type of equipment you would need in a home office.

3)    With a less-than-stellar job market in recent years, more and more young people, freshly out of college and in search of a job or career, are moving back in with parents. Mid-lifers also often take on a caregiver role for older family members, which may result in several generations living under one roof. If these circumstances are possible in your future, you’ll need space to accommodate housing extra family members.

4)    If you’re older or lead a busy lifestyle that keeps you away from home a lot of the time, less maintenance might be an important consideration for you. Homes with little upkeep can be appealing for those without the time or means to handle a lot of home maintenance.

5)    Empty nesters might find themselves in the market to downsize once the kids move out or if they start wintering in a different location. A smaller home might allow for a second home or extra savings to spend on travel and other pursuits.