How long do you want to live in your house?
You are just thinking about buying a house. Do you really need to start thinking about selling the home you haven’t even bought yet? Well, probably. In order to buy the right home for you, you need to answer the question “how long do I want to live here?” This is just one important home buying motives you will need to consider.
As a home buyer it is important to be realistic about your current lifestyle, and your future. Certainly, no one can foresee the future, but you can make realistic estimates.
Home Buyer Tip: Think about your future when buying a home.
- Are you looking for a 3-5 year home? Are you looking for a 10 year home? A 30 year? More? Less than a year?
- Do you expect changes in the size of your family in this time period? Having children or more kids? Kids moving out? Family members moving in? Getting married? Getting divorced?
- Are your needs going to outgrow your house? Will a higher family income entice you to move up? Or, will a lower family income require you to move down?
- Is there a possibility that you will be relocated by your company?
These lifestyle changes will impact the location of your home, the size of your home, the floor plan, and of course, the price. For example, if you have a young child and plan to stay in the home for a few years, you may need to consider the schools that are nearby.
Certainly, some of these things can’t always be foreseen. But, do your best. The more realistic you are about how long you want to live in a home and if you are ready for home ownership, the more likely you are to avoid selling during a bad time. Being realistic is critical in buying the right home.