Buying a home? Here’s everything you need to know to buy for the future

Stock image.
Stock image.

If you plan on living in your next home for a long time, you need to buy with an eye to the future.

In today’s real estate market, people are moving house less frequently, which means you need to think ahead.

When you’re looking to buy a new home, you might be drawn to features that appeal to your current lifestyle, but will they be practical in five years?

What should you be thinking about?

Nowadays, buying a home is a long-term investment you’re likely to live in for many years.

If you’re on the hunt for a home, have a think about the kind of plans you have for the future. Do you have children? If not, do you plan to have them?

If you plan to have children, this will have a big impact on the type of home you buy, the layout of the home you buy and the amount of space you require. If you do already have children, their age and whether you plan on expanding your family are factors to consider.

It’s also imperative you consider location. If you think it’s unlikely you’ll be moving again in the next five to 10 years, then the suburb you buy in is one of the most important decisions you’ll make.

Which features have the most impact?

The layout and features within your home are imperative to your future happiness and comfort.

Things to ask yourself are:

  • Do you want an open-plan central living area or would you prefer the areas separated?
  • How do these indoor spaces connect to your outdoor area?
  • What kind of outdoor area do you require?
  • Do you need lots of space for the kids to play?
  • Do you want room to add in a pool?
  • Is there space to entertain?
  • Do you want your kitchen to flow into your outdoor zone?

You also need to consider the number of bedrooms you have and their placement. If you plan on expanding your family, you might want to buy a home with enough bedrooms to accommodate this.

If you have very young children, the minor bedrooms being close to the master bedroom might be a requirement, whereas if you had older kids, separation between the master and minor bedrooms is likely to appeal to your family.

If you regularly have guests stay, it’s also worth thinking about how a guest bedroom would and could factor into your plans. The number of bathrooms you require and how they connect and service the bedrooms should also be considered.

Don’t buy outside your means

As important as it is to consider your long term plans when buying a home, it’s also equally important that you don’t purchase a home significantly outside of your budget to satisfy potential future requirements.

Do your research. You need to buy with both your head and your heart and always think about a 10-year plan.

It’s also important to work within your budget and seek pre-approval for your finance first so you know how much you can borrow and what your repayments are.

For more information about what is suitable for your long-term property aspirations, talk to a REIWA agent.

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