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    Current Versus Future Home Needs: 5 Considerations to Make

    Topics: New Homes, Financial & Mortgages
    Posted on August 5, 2016 by Kirsten Warwick

    Remember that first apartment or home you moved into? You might have thought it would take a long time before you ran out of space to live in. But sure enough, a couple years later, new furniture, maybe a significant other or a pet, and you started to feel like you were packed in there like a can of sardines!

    When you're ready to buy a new home, you'll want to plan to live there for at least five years. Whether you’re buying a home for the first or fifth time, consider not only the space you will need when you move in but in the years to come as well.

     

    1. Lifestyle

    The first thing to consider when buying your next home is whether it’s going to fit your lifestyle. However, in doing so, don’t just think about what your life is like at the moment you move in, but where it could be five years down the road. 

    Over that period of time, how will the changes in the way you live your life impact what you require from your home? This is an important question to consider, because if your home will not be adaptable to your life a year or two down the road, you may find yourself having to move sooner than planned.

     

    2. Size Matters

    A big decision you’ll need to make early on in your home search is what kind of home you should buy. This will be the largest determining factor with regards to how much space you will have. If you consider only the space you need the day you move in, you may not be choosing the home that will best serve you in the future.

    As your life changes, so will your home. If you are a young married couple, being close to an art district with trendy stores and coffee shops is great. At least, right now it is. But if you’re thinking of eventually starting a family, your priorities could easily change in the future. The same goes for older couples with grown children and a changing lifestyle - think about how much space you will need when they move out.

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    3. Bedrooms

    You should buy a home with the same amount of bedrooms as there are people, right? Not necessarily.

    If, as mentioned above, you’re planning on adding to your numbers, consider buying a bigger home that is prepared for these additions. Whether it’s a baby, taking in an elderly parent or relative, or simply extra space for overnight guests, having an extra room or two will always come in handy. Alternatively, if you are looking to make a smaller home more functional, consider putting a bunk bed in a bedroom and having your kids share it.

    The home you buy may not serve your needs forever, but by considering how many bedrooms you need in a number of scenarios, you can definitely prolong the amount of time you'll be able to spend in a home.

     

    4. Common Spaces

    These spaces make up the majority of your home; the kitchen, dining room, living room, grand room, the basement and your backyard. Determining what you’ll need from these spaces will also help you determine what kind of home to buy.

    For example, if you were thinking of buying a condo, but realize you will need a backyard in the coming years, consider buying a townhome or duplex instead. Maybe you’d like space to host a holiday meal with your whole family? This requires a certain amount of room and is not the easiest thing to do in a condo. 

    Consider the social life you plan on having in your new home. If your guests have to set up their dinner plate over a kitchen counter, it may be worth looking for something that will provide you with more room.

     

    5. Amenities

    When looking at current and future needs as it relates to your home, it’s also important to look at the community and the amenities in the area to see if it too will serve your needs in the years to come.

    While you may not have school-aged children yet, or any children at all for that matter, is there a school nearby they could attend when the time comes? If your place of work moves in the future, would your home’s location still be of benefit to you? Is there a good selection of retail options in the area, or will there be soon? These are all things you should think about when buying your next home.

    Unless you have a crystal ball, determining your future and what you need once you get there is going to be difficult. But by purchasing a home that will be adaptable to your lifestyle as it changes, you’re sure to get the most enjoyment out of it for as long as possible.

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