Buy for now or for the future?

Asked by Lisa, Brooklyn, NY Mon Aug 25, 2008

My boyfriend and I have started to look for our first homes and have begun to attend open houses in the area. After seeing a few coops and condos, we started to wonder if it was a good idea to look for a 1 bedroom now, or look for something that was a bit bigger since we know we would want to start a family in the immediate future, (say within 3-4 years).

Within our budget we can either buy a 1br in a prime neighborhood, or get a 2br in a good neighborhood.

I guess what I'm asking is whether or not to buy a home that is suitable for now, when we don't have any children, (and think about selling/renting that first home in 3-4 years), or to buy a place with enough room to grow. Is there anything I should take into consideration at this point when we are looking?

Any and all advice is highly appreciated!

Many thanks.

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3
Thomas McGiv…, Agent, Farmingville, NY
Tue Aug 26, 2008
Well, as first time buyers you're on the right track, taking into consideration of the present but also looking forward. The link below is a good resource. BOOKS. Get one and read it. The more information you have, the better off you'll be to make the best decision.
0 votes
Daniel Gersh…, Other Pro, New York, NE
Mon Aug 25, 2008
I agree with Janice in that this is a very very personal question. I think more than anything else this depends on the financial situation you are in, both now, and in the future. In other words, if you are saving a tremendous amount of money by purchasing a less expensive one bedroom, than perhaps that is your better option for the time being. in other words you can pay much less for a great house now, save the extra money, and then in 3-4 years move up to a different house. Life tends to surprise us all, so the money you save now may help you along the way. On the other hand if you feel your financial situation is sound now...and tend to think it will be even better later, than you can purchase the 2br in a good neighborhood (especially if you hate moving). I dont think there is any great advice that anyone can give her. I think its more of a decision that you make in your gut, as cliche as that sounds.
0 votes
Janice Style…, Agent, Clifton Park, NY
Mon Aug 25, 2008
Wow! That is an interesting question. It really is a personal preference but as a Realtor I'll give you my opinion. While location is very important in choosing a home, you did say the 2 bedroom that you can offord is in a good neighborhood. That being said, I like the idea of buying the one you could grow with and stay in longer. It is tough to buy a home and then sell it in 3 years, You might break even at best, but that does depend on a lot of factors. And it is a strain to relocate when you have just settled in to a neighborhood, found favorite places etc. Questions to ask yourself included what will your financial situation look like in 3-4 years? Good luck.
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