Buying a Home in Your 40s? Here’s What to Keep in Mind

December 19, 2021

Gen X is buying homes, many of them for the first time. Last year, people of that generation, who range from 41-55 years old, purchased 24% of the homes sold last year, with 22% of those being first-time homeowners. That means if you’re in your 40s, you may be approaching the purchase of one of the homes in Upatoi GA for the first time. We all have ideas of what we want or think we need, but it helps to have some clear sense of what you should be considering when purchasing a home at this stage in your life, whether it’s your first or not.

Perhaps one of the most important things to think about first is simply are you willing and able to stay in one place for three to seven years. That’s usually how long it takes to make the purchase advantageous and potentially less likely to lose money, though markets can certainly fluctuate.

Next, think about where you are in life and where you’re headed. If you’re planning on having children or more children, you may need to purchase a home that allows for that extra space. Those with children, even if not planning any more, are going to be interested in the local schools to assure the best options for their children as they continue to grow.

If you’ve changed careers or have begun working full time from home, you may need to factor in a dedicated home office that you may be lacking now. Alternatively, you may need a home closer to work so that you don’t lose valuable time with a long commute.

Many people in their 40s find themselves needing more space, often due to the addition of children to the family or to the introduction of that home office. What you could put up with one child may be too cramped with two children. If your business calls are being drowned out by children playing, it’s probably time to look for an upgrade where every member of the family has their own space and more space for the whole family to spend time together. Think of this potentially as your forever home, so aim for the home that’s going to give you the best value for what you need, not just what you want. Think about how your home will need to continue to adjust as younger children grow into teens, or even if there’s the likelihood an older family member may be moving in with you. You need to look down the road of life and see what is likely to be important to you for years to come.

Finally, even if you’re on much stabler ground when it comes to finances, that doesn’t mean you have to buy an expensive house. After all, there are probably big expenses coming up in the future with college, healthcare, and eventually retirement. You don’t want to sink all of your money into your house and not have enough to take care of other expenses. Plus, it’s always good to keep a little more tucked away for emergencies. Look for a home that meets your needs and a number of your wants, but don’t break the bank on it. A sudden change in jobs, health, and other issues could leave you feeling the crush of mortgage payments that are suddenly too much, so be clear in how much you can comfortably afford.

Fortunately, those in their 40s are usually in a good position to purchase a home that will suit them for years to come. They also tend to have the wisdom and awareness of the difference between wants and needs and have a good idea of what to look for in the homes in Upatoi GA. If you’re ready to buy a new home, contact us today to add our own wisdom and familiarity with the area to help you find your ideal home that you can enjoy for years to come.

Categorised in: Buying a Home in Your 40s? Here’s What to Keep in Mind

This post was written by Rose Anne Erickson