Most people these days will buy a home that suits 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 pan out that way. Sometimes your longer-term needs may not be something your present circumstances can cater to. Here is a closer look at the subject.
The Difference
If you are purchasing a home that fits your current needs that you plan on for just now, you are probably thinking about what your current lifestyle needs and how much you can comfortably afford today. You should think about how much you may need to save each month going forward toward the home you will eventually trade up to. If you are looking for your forever home you will need to consider other things like 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 later on.
When to Purchase a Forever Home
A few things need to be considered when looking to buy a forever home. You need to be sure it is affordable with comfortable monthly payments and you will also need to assess future needs. Is this in an area that will serve you well for a long time? Will it yield enough space? Or will it be too much space for you eventually to take care of? Give some thought to your future lifestyle to help audit your longer-term needs.
When to Purchase a Home For Now
Similar to a forever home, a home for your current needs should also be considered. For example, maybe you know you aren’t ready to settle down just yet. Maybe you know you may want to make a job change that may come with moving to a new area. Or maybe you want to own your own place but don’t have the funds just yet to afford the home you ultimately want to live in someday. So buying a smaller, more affordable one is better for you now.
How to Choose
The great news is there are not any wrong answers. 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 today. 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!
