Even after you find the perfect home, it might not necessarily be your forever home. At some point, you may decide to buy a different one. Reasons might include:
- An additional income-earner has joined the household.
- Your family is growing, and you need more space.
- The kids have moved away and it’s time for a smaller house.
- You or your partner received a promotion that comes with a better salary and benefits package.
- Your current home’s value has significantly increased, and you want to capture those gains.
Current and Future Needs
Many first-time homebuyers are not in a financial position to making buying decisions based on future needs. A young couple, for example, may want to eventually start a family, but the home they can afford now would be too small for kids. When homeowners are in the financial position to move up – or out of a starter home – they may be able to take both current and futures needs into consideration.
Source: https://www.investopedia.com/university/homebuyers-walkthrough/homebuyers-walkthrough8.asp
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