does your future lifestyle hold?
many bedrooms will you one day require? Your preschoolers will be teens
some day. Are you planning to stay in your home that long? Perhaps your
teens are ready to move out on their own. What will you do with all
the extra space? When you're thinking about accommodating your family
needs, think of things like parking. How many cars will require space?
You'll also want to consider proximity to schools in the area.
is your work situation?
days people tend to change jobs frequently, and sometimes the best way
to get a promotion is to move to another company. If you might be transferred,
will you be able to sell quickly? Keeping work in mind, how long do
you want to spend commuting? Do you drive or rely on public transportation?
you can see, you will want to give some thought to how long you intend
to stay in your home. It may be difficult to answer before you've even
found your home, but if it's your first home give some thought to the
resale value when it is time to upgrade. On the other hand, if you're
planning to stay in your home for al ong time, consider your future
needs and purchase a home that will accommodate them.
you live a maintenance-averse lifestyle?
you're looking at homes, consider the advantages of brick over a wood
frame house when it comes to painting. Take a look at the garden. If
you don't enjoy cutting grass, then an expansive lawn may not fit into
your lifestyle. You can also evaluate the possibility of future maintenance
and repairs based on the age of the house. If you don't like the idea
of major renovations, a newer home may be your best option.
your lifestyle more geared to a fixer-upper fantasy?
first time buyers have them. It goes something like this: You find a
big home in a great neighborhood that is well below what you'd expect
to pay for that house in that neighborhood. You see a couple of coats
of paint, new carpets, a few repairs and voila, a dream home without
the nightmare price.
you jump headlong into this once-in-a-lifetime opportunity consider
how you'll do all of the work. Will it be weeknights after a long day
at the office, or will you hire someone? Are ready to live in a dusty
mess as you renovate? Do a realisitic assessment of the job at hand
and be sure to have the house inspected. The last thing you want is
a bargain home that turns into a money pit. You're far better to find
a house that costs a little more each month but doesn't need much work
than to buy a fixer-upper that eats up hundreds of dollars each month.
For example, lets say you could buy a really nice house with minimal
work required for $10,000 more than a fixer-upper. At today's mortgage
rates, assuming you could stay within your monthly budget, that really
nice home would cost you only about $65 per month more than the fixer-upper.
If you buy the fixer-upper, you'll be spending a lot more than $65 each
month to whip it into shape, as well as the strain your family will
go through living in an unfinished home.