Dear David: We are in the process of searching for our next home. There are a few things we wish we had in our existing house, and given the state of the market, we’re really concerned about getting it right. How can we be sure we don’t make a mistake this time around? – UNDER PRESSURE
DEAR PRESSURE: Everyone approaches the home buying process a little differently. For some people, it comes down to location and having the school of their choice in walking distance. Others are willing to commute an extra hour to work for that extra bedroom and a two-car garage.
It’s normal to feel apprehensive at this point in the process. Your home is often your largest purchase, and a price tag with that many zeroes can throw some people into a tailspin. You may find that if you look at the purchase from an investment standpoint, it helps bring things into focus.
Consider the last major purchase you made. It may have been a car, a living room set, or a pair of designer shoes. Whatever it was, there’s a good chance that by the time you brought it home, it was worth less money than you paid for it. Compare that to your next house, which will likely be worth a little more than you paid for it by the time you take possession and move in.
In terms of major purchases, a home has the highest price tag, but generally carries the lowest financial risk. This is an important thing to keep in mind.
You’ll also want to remember is that nothing in life is certain (except for death and taxes, as the saying goes). As time goes by, your life will evolve, and your needs will certainly change. Today’s “perfect house” is only perfect until your family grows, or you get a new job in another city, or you get tired of doing the yard work.
Without a crystal ball, your best bet is to choose a home that suits your needs right now, and rest assured you can move as your circumstances change. With one foot already in the real estate market, a move doesn’t need to be a crippling expense.
Unlike a five-year car lease, you’re not locked into your real estate purchase, so find something that makes your heart happy.
I often tell clients that in my world, my marriage vows are permanent, but everything else can change. If your house doesn’t meet your needs at some point in the future, you can find another one that does. Home is where most of us spend two-thirds of our time, and time is the one thing that can’t be replaced. #Advice #AskDavid #TheNegotiator
David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.