Playing the Long Game

Most people who consider buying a home are in their twenties or thirties. Maybe they’re still relatively young adults, just starting a marriage and putting down their roots. Or maybe they’re not so young, but just initiating the fission reaction that would start their own nuclear family. Whatever the case, financial experts like Vahe Hayrapetian say that not enough people consider the long term in choosing a home. Here are some long-term considerations that must be made when buying a home.

Will You Need Extra Space?

A house is a place to stay in for years at a time. If you’re planning to start a family, consider how many people your family will have over the time you’ll stay there. How many children do you have? Do you plan to have any more? What if you’re blessed with twins? With your lifestyle, do you imagine inviting other people over for dinner, for a few days, a week, or more? Think about these things when you are choosing a home.

Do You Consider Aging in Place?

Another consideration is whether you’ll grow old in your home. If you have no desire to leave your domicile in your senior years, you’ll want to think about having a home that’s built for your future. You’ll probably want wide spaces and hallways, stairs with sturdy railings, and other facilities that will be helpful to those who are past their prime. If you can’t find such a home but aging in place is a priority for you, then consider a home that can be renovated accordingly with minimal effort.

How about Your Long-term Wealth and Income? 

Home buyers should also consider their income and wealth over time. Do they project their careers to take them on a trajectory with steadily increasing income and wealth? Or is there some risk of hiccups, emergencies, or interruptions in their money inflows or possibility of erosion of their wealth? If there is any risk, consider estimating how great that risk is and how that will impact your ability to afford mortgage payments, renovations, maintenance expenses, and so on.

Even with the aforementioned factors identified, the road of life is littered with many uncertainties, and trying to make a proper decision may be overwhelming for the average home seeker. Given that, it’s a good idea to contract the services of an expert. For the financial side of things, a reliable loan consultant like Vahe Hayrapetian can assist you in making a sound financial decision, finding the best mortgage option based on your financial capability and your risk appetite.