Why Your First HomeIsn't Likely, Your Forever Home..

Over my years in the business, I have helped many first time home buyers purchase their very first home.  A very common thing that I see with first time home buyers is that many buyers pigeon hole themselves into the idea that they need to purchase their forever home.  Well, let me be the first to tell you, your first home, is highly unlikely to be your forever home.

Many buyers have this idea that they are going to make a single home purchase for the remainder of their foreseeable life and be done. But….is that even reasonable?

Lets look at 5 reasons why as a first time home buyer, you should not try to purchase your forever home.

1. LIfestyle Changes.  MOst home buyers purchase based on their current needs.  As you grow older, circumstances changes, maybe the addition of a spouse or children, or elderly family living with you.  These changes in your life will dictate your need for space, location, etc.  

2. Financial Status.  Most people’s financial status will increase over their life as they gain experience and advance their careers and ultimately their income.  As you go up in income brackets, the level of house that you can afford changes drastically.

3. Job Relocation.  As you progress in your life and career, that job may take you to different places.  Whether that may be across town or across the country, but you can’t take your first home with you.

4. Equity and INvestment. JUst like your financial status changes, as you purchase and sell homes throughout your life, you will have created additional wealth that you can reinvest into the next home purchase or investment.

5. Evolving Tastes and Preferences.  As we grow up, people evolve, and so do their tastes and preferences.  Maybe you wanted to be in the city in your 20’s but found yourself more of a suburb kind of person in your 30’s. I mean, its no different than if you asked me what tattoos I would have done when I was 5 vs me in my 30’s.  Definitely glad I didn’t get that Teenage mutant ninja turtles back piece.

My advice.  Buy the home that meets your needs for today.  Get into the housing market, start building equity, and invest in your future.  Stop throwing money away at rent.  Don’t wait for perfection. The real estate market is only increasing in value, so don’t miss out on your chance at home ownership.