The average homeowner will sell their property and relocate to a new space within a few years. A relocation may be because of professional or personal reasons, because the individual prefers to live in the nicest home that he or she can afford and more. While relocating frequently is common, you may be looking for a beautiful home that you can settle down in. Before you lay down roots, however, you need to ensure that everything about the home and the community will continue to serve your needs just as well down the road as it does today.
Define Your Current Needs for Space, Features and Location
Any house that you purchase should meet all of your current needs. If you have not already done so, create a list of qualities and features that you need in a new home. You can then list items that you prefer to have separately. These qualities may be centered around affordability, property condition, square footage, layout, lot size, location and more.
Think About Your Plans for the Next Decade or Longer
After you have a clear and accurate idea of your expectations for your home today, you need to project your needs for the next five years. Will you start a family, have more children, start a home-based business, invite your in-laws to live with you or have other goals? Then, project 10 years down the road. The farther out that you project, the more challenging it can be to think about what your life may be like. While you cannot anticipate everything with certainty, your goals for the future can be strong driving factors that can guide your way and that can influence your long-term housing needs.
Anticipate Changes to Your Financial Situation
Your home understandably plays a major role in your finances. When you buy a home with a fixed mortgage, you can lock in your mortgage payment for the next few decades. However, other property-related expenses can vary dramatically. You can generally expect the cost of repairs, property insurance and other expenses to increase gradually year after year. While you plan ahead for these increases, you also need to anticipate your income. For example, if you plan to retire in five years or if you intend to shrink down to a one-income family when you have your first child in a few years, the home you buy should be affordable based on current and anticipated future income.
As you can see, everything from your personal plans and your finances to the HOA, the property’s condition and more should be taken into consideration when you intend to buy a home that will grow with you. Elizabeth Bos has proudly served clients in the Chicago area for more than 20 years, and she has the expertise necessary to help you locate the perfect house for your goals and needs. To begin exploring real estate in the area, contact Elizabeth Bos today.