When you think about buying your first home, your mind usually starts imagining that perfect home where you will grow old and create wonderful memories. While you should always create wonderful memories no matter where you live, you should also consider that your first home will not be your final home.
Buying a home, be it a condo or a house, can be an extremely stressful time in a person’s life; especially if it’s your first home. You may think you know what you want, but usually we know what we want right now and what works for us right now. Rarely do we think about what we will need 5 or 10 years from now. What happens if your living situation changes a few years from now? Relationships, pets, babies, and job promotions are all things you will want to keep in mind as you picture your future and the right home to fit your changing lifestyle.
1. Do you know what you want your home to look like?
Many clients come to me with a vision of open space or closed off areas, small back yard or big, 3 bedrooms or 4, finished basement or not. The reality is, that until now you most likely have been living with your parents and they dictated your needs. Now you need to figure out what YOU really need and want. Therefore, until you actually live in a place, have a feel for it, and understand how you use the space you don’t really know your needs.
2. Is there a possibility that your family situation will change?
Consider your current stage in life. If you are newly married, there is a good chance your spouse may be mentioning babies within the next few years. If you have preteens, will you need a larger room for them as they start wanting more independence? As your parents grow older, will you need space to accommodate them? Are you looking to get ahead in your career and might it involve relocation?
3. Do you have enough space for all your things?
Do you have hobbies that require a room or storage space? How about your family, are you planning on expanding it? If so you will need more garage space, basement space, bedroom space, etc. Consider that you
might have to build unto or refinish a space to fit you better.
4. Are you in the right location?
I don’t know how many times I said it, location is everything. Each person has the perfect location for them. Whether it’s for the commute, a school zone, or proximity to family, shopping, etc. Location is one thing that
is harder to change. Of course you can move, but finding that perfect home for you and then realizing that it’s an hour and half away from work could be heart breaking.
Will this purchase be a good investment? Whatever you buy you want to make sure that it will grow in value for the future. If it’s your first stop, then building that equity can help you to afford that home you couldn’t. On the other hand, if it’s your final home the proceeds could help your family in the future once you no longer need it.
It is a great feeling to be able to finally buy your dream home. Setting realistic expectations will allow for
a pleasant experience when buying your home as opposed to a stress filled one.
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