Buying a home isn't just about how you feel right now about it, but also about how you are going to see it in 7 or 10 years. Is it going to meet your needs even then or will it be of little use to you in the future? Buying a home requires reflecting on your life, future and plans and if you will like it equally at a later point. Maybe it's hard to predict the future, but if you have decided to buy a home, you probably roughly know in which direction your life is going. Here is what you need to pay attention to not to regret your decision.
A Solid Payment Plan
From the current standpoint, it may seem that the down payment and monthly mortgage payments are manageable, but still, try to stay away from maxing out on the mortgage amount, especially because you are not familiar with your future expenditure and living costs. Life events like having a baby can immensely change your financial needs. Also, make sure you know how much home maintenance will cost you before you agree to a monthly mortgage rate. Your financial plan should include a detailed analysis of potential costs in the future. Always make sure there is some money left in the savings account once all your living costs, utilities and the mortgage is paid.
We all know that location is important, and that being close to amenities and public transit is invaluable, but you already should have an idea of what kind of amenities will make you happy in several years. For example, if you have kids or plan a family soon, you should probably focus on great child-friendly neighborhoods with good schools, daycares and nurseries. Make sure the home is in a well-connected neighborhood that enables easy commutes. This may seem irrelevant to you if the home is close to your current work, but what if you change jobs in the upcoming years? You certainly need to have an alternative.
Size, Layout And Potential For Expansion
Layout and size are very hard to change unless you are willing to do an entire remake for a lot of money. That's why you need to take care of it in advance and make sure that there’s enough space for all your current and future needs, like a children's room or home office (depending on your future ambitions). If you are buying a Detached, it's always good to have the option to add extra square footage whether it's for a guest room, a basement rental or a hobby room, so the house should be easily adaptable and allow for such extensions.
The Inside Of The Home
Open floor-plans, wooden floors and granite countertops will probably stick around in the next decade as well given their functionality and durability, so make sure your home comes with functional features that can last a lifetime. Avoid short-term trends which will phase out in a year or so, especially when it comes to expensive features like doors, windows, floors, tiles, etc. Keep also in mind that energy-efficient homes add value to the home and keep utility costs lower, so you might want to put it on your buyer’s wish list.