Are you a DINK? Don’t take offense — it only means “Dual-Income-No-Kids.” But if you are a DINK, chances are you will eventually become a DEWK (Dually Employed With Kids), so you should take the future into account when purchasing a home.
One of the biggest things is how long you’ll be living there. If you aren’t going to live in your home for more than five years, you are probably better off in a rental. But, if you plan on holding onto your real estate for the long-term, you have a better chance of recouping on your investment.
While you should be concerned about finding a home you love, you should primarily be looking for a home for sale that will ideally work for you in the long run because nothing’s worse than home buyer’s regrets.
Here are some questions to ask yourself:
1. Children — Are you planning on having children? If there’s a remote chance that you will have kids in the next five to 10 years, you should think about how that could impact what you buy — especially in this slowed-down real estate market. While the one-bedroom condo close to the action is fabulous for you now, how will that space work when you’re a parent?
2. Schools — Since you’re a DINK, you don’t have kids. But, smart home shoppers look at the surrounding school district when buying a home because a good school district means good home values. Even if you aren’t planning on having kids, when you eventually sell, your potential home buyers may very well be.
3. Location. While a DINK in their late ’20s may not mind or perhaps enjoy a home only a block up from the local watering holes, it may not be as appealing 10 years later — or as easy to sell. If you’re curious about the home’s neighborhood, check out crime maps, local home values and Zillow’s local data pages.
4. Job. It may be great if the home you’re considering is a block away from your current job, but nothing is certain. What about your future job? Consider a home in a more central location in the chance you switch careers.