3 Questions About Your Future To Keep In Mind When Purchasing Your First Home

Posted on: 22 February 2016

The purchase of your first home can be an overwhelming – but exciting – experience. If you'd like to purchase your first home with an eye towards the future, consider the three questions below.

1. Do You Expect Any Future Additions to Your Family?

Whether your family's new addition is of the human or animal variety doesn't matter. What does matter, however, is whether you have sufficient space to comfortably expand.

Aside from ensuring the appropriate number of bedrooms for your family's size, there are other size-related things to take into account. For example, will the dining room table that's required in order to fit your family fit into the dining room? Is there enough yard space for your children or pets to burn off extra energy, or for your future garden plans? If you can afford it, it may be beneficial for you to purchase a home with more square footage than you need, especially if there's a possibility that your family will be growing in the future.

2. Will Elderly Parents or Relatives Be Moving In?

There are a number of things in life that no one can plan for, but if you foresee yourself as the primary caregiver for your elderly parents or other family members, you will want to consider how easy that will be in the home you're looking to purchase.

If the home isn't already handicapped accessible, can this be easily taken care of when the time comes? This may include thinking about future remodeling projects, such as adding a ramp to the entrance of the home or widening the doorways on the first floor so that a wheelchair-bound individual can easily get around. Even if this isn't a likely situation, there may be other scenarios, such as the one immediately below, that may require remodeling.

3. Will You Be Able to Grow Old In This House?

It can be exciting to envision yourself living in this house in the here and now, but it's important that you ask yourself whether growing old in this house is a possibility.

Even if you're considering selling in the future, it's important to keep in mind that your financial situation could change and that you may be required to live in your newly-purchased home for the rest of your life. While you don't need to do calculations down to the last cent, it's a good idea to figure out a ballpark figure for any necessary modifications that may be needed for your future self. For example, if there's no bathroom on the first floor, would you be willing to add one if you become unable to climb the stairs as you age? Would it be possible to add a chair lift to your staircase, or is there not enough room?

By answering the three questions above, you can be well on your way to buying your first home while keeping in mind any future situations that may occur. For more advice, consult with your real estate agent.