Buying A Forever Home vs. Something For Now

Most everyone these days will purchase a home that fits their current needs and their current lifestyle. While you may feel you will find the perfect home for the long term, it doesn’t always play out that way. Sometimes your longer term needs may not be something your present self can cater to. Here is a closer look at the subject. 

Understanding The Difference 

If you are buying a home that fits your current needs that you plan on for just now, you are probably analyzing what your current lifestyle needs and how much you can comfortably afford today. You should think about how much you may want to save each month going forward towards the home you will eventually move up to. If you are looking for your forever home you will need to consider other things like specific future needs. For example if you expect a growing family, you may need to think about space first and updates second as they can be done at a later date.

When to Purchase a Forever Home

A few things need to be taken into consideration when looking to buy a forever home. While 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 provide enough space and bedrooms? Or will it be too much space for you eventually to take care of? Assess your future lifestyle to help audit your longer term needs.

When to Purchase a Home For Now

Just like 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 and grow significant roots just yet. Maybe you know you may want to make a job change that may come with moving to a new location. 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 best for you now.

How to Choose

The good news is there are not any wrong answers here. Essentially 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 available properties 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 help you as you try to decide on which way to go!