Buying in Different Life Stages – Lifestyle – Akron Beacon Journal

If you’re committed to making 2020 the year to buy, consider your stage of life.

From starter homes to permanent residences, there are numerous factors you should contemplate before signing your closing papers.

First-Time Homebuyers

As a first-time homebuyer, your first step in the process is to be approved for pre-financing. Working with lenders to find the amount you can borrow will help you narrow down the homes you should consider.

Remember, once you’re pre-approved, it doesn’t mean the amount you are given should be what you pay. Instead, use it as a guideline in your search to find properties that you can comfortably afford.

If you’re buying a home after years of renting, you should also determine the area where you may be moving. Make sure it works for your current lifestyle and if it will remain ideal for the time you plan to spend in the home.

Owning a home and renting is different as you can’t simply wait on a lease to end before you move on to a new location. You will be financially responsible for the property until a new buyer steps in, which can lead to paying double mortgages if you move before selling.

A Growing Family

When your starter home gets too small for your growing family, you have a new set of strategies to employ when house hunting. If you have young children, you must find a location with acclaimed schools and entertaining activities while remaining geographically close to your daily commitments.

You should also look at the layout of your home. Does it offer space to add an addition if your family continues to grow, or is its floorplan already suitable?

Retirement Home

Once you retire and your children have moved on to start their own journey into homeownership, a forever home often becomes too difficult to manage. As you’re approaching the golden years, you should consider if you want to live in a retirement community or if a smaller household in your favorite location makes better sense.