Should You Buy a Home Based on Your Current Needs or Future Needs?

A few questions you should ask yourself when buying a home.

Are you considering buying a home but unsure whether you should opt for one that meets your current or future needs? This is a debate that often comes up for people at different stages of their life. Whether you're a first-time buyer or an older person trying to anticipate your future needs, it's essential to consider some crucial factors before making your decision.

In high-cost areas, buying a bigger house than you need can be cost-prohibitive, especially if you're on the younger side of things. Moreover, trying to purchase a home that meets several different future scenarios can increase the search criteria and reduce the available options. So, what should you consider before making a decision?

First, ask yourself if your future needs are imminent or a possibility. Is this something definite that will happen in the next 12 to 24 months, or is it something that might be nice to have? If your future needs are not imminent, you might want to hold off on purchasing a home that meets those needs.

"Do you have a viable exit strategy if your plans change?"

Second, consider how accurately you can anticipate your future needs. This is particularly important for people considering having kids, where they may not be able to properly anticipate their future needs and what their home may need to have. If you're unable to anticipate your future needs accurately, it might be best to focus on your current needs and worry about future needs when they become more imminent.

Third, determine whether the home will still make you happy if your future needs don't happen. For example, if you're purchasing a house in the suburbs because you plan on having kids, ensure that the house is still viable if you change your mind and decide not to have children. If you're looking to buy a house that aging parents can visit, ensure that it's not too reliant on stairs, even if your parents can climb stairs right now.

Finally, think about your exit strategy. Do you have a viable exit strategy if your plans change? If you purchase a house for your current needs, and your needs change significantly in the next few years, will you be able to sell or rent the house out? If you have a viable exit strategy, it might be best to purchase a house that meets your current needs.

At the end of the day, there's no right or wrong answer when it comes to buying a home that meets your current needs versus your future needs. If you’d like to talk more about your situation, just call or email me. I am always willing to help!