Find a Home You’ll Love on a Budget You’ll Like

November 25, 2009

With low home prices and record low interest rates, many buyers are jumping into the market and whether your a first time buyer, or a seasoned market veteran, we all have a budget. The key is to not let anybody tell you that you can’t afford to be choosy when looking for a home to buy. You are unique. And no matter what advice you receive - it’s important you get as much on your checklist as possible. Obviously, we may not get everything - so use the list below to determine what’s most important to you.

TYPE OF HOME

Single Family:

  • Pros: Good appreciation. Land for gardening, outdoor entertaining. More privacy.
  • Cons: More expensive than the alternative. More maintenance.

Condos, Townhomes and Cooperatives:

  • Pros: Less expensive. Generally newer so less repairs are needed. No exterior maintenance.
  • Cons: Less privacy. Nosier due to common walls, floors and/or ceilings. Sometimes no private yard or outdoor space.

New Build:

  • Pros: New homes won’t need repairs. You can customize many cosmetic features and even the entire layout of the home.
  • Cons: Generally new homes lack attention to detail and finer craftsmanship. Can look like many other homes in the area.

Fixer:

  • Pros: If you’re handy with tools, you can get a great deal and customize your home. You can keep the style and details of an older home, but add modern upgrades.
  • Cons: Even the most experienced contractors come across money pit fixer uppers. You may think most problems are superficial, but once you dive in… the fixes start to unfold and cash runs really low… really fast.

LOCATION

Suburbs or Country

  • Pros: Generally are less expensive per square foot and newer. More home for the money.
  • Cons: More time spent driving into town or city. Further away from entertainment options that are located in the city.

Urban

  • Pros: Close to multiple potential employers. Usually within walking distance to theaters, restaruants and schools. You may find more architechtuall differences and diffinetive styled homes.
  • Cons: Nosier. Higher crime rates. Smaller homes.

Cul de sac:

  • Pros: Quiet. Very little traffic. Highly desired by families with children.
  • Cons: Less privacy. Nosey Neighbors.

Corner Lots:

  • Pros: Few neighbors. Larger lots and more visibility.
  • Cons: More traffic noise. Vulnerable to vehicles jumping the curb. My personal pet peeve: Kids trespassing through your yard as a “short cut!.” And you’ll have more sidewalk to shovel when it snows.

LEVELS

Single Story:

  • Pros: Easy wheel chair access. Great for those with medical conditions. Easier to clean.
  • Cons: Nosier if living space and bedrooms are on the same floor. Smaller yard due to the square footage of the house itself.

Two + Story:

  • Pros: More living space on a smaller foundation. Less noise transfer. Appealing to families.
  • Cons: More trips to carry things up and down stairs. More difficult to clean (think dual vacuums) and maintain consistent temperatures on each level.

Split-Levels:

  • Pros: Can be less expensive than traditional two story home. Higher ceilings on main living area. Downstairs family room and bedrooms can breakup noise levels. More square footage than one story.
  • Cons: Less storage space. Stairs are inevitable when carrying groceries or taking out trash. Kitchens tend to be smaller. Upper levels are always similar in layout.

INTERIORS

Number of bedrooms:

  • Pros: Most common request is three bedrooms, which will result in higher resale value.
  • Cons: Two bedrooms appeal primarily to first time home buyers, seniors or single people, however, don’t count them out if an extra den will work for your space requirements.

Number of Bathrooms:

  • Pros: One bath homes are often less expensive than multi-bath homes.
  • Cons: Most people prefer more than one bath. (Note: Don’t pass up on a one bath home if there is room to add a second. Sometimes, it’ll cost less to add a bathroom, than it would to buy a two bath house.)

GARAGE SPACE:

Attached:

  • Pros: Cheaper to build. Convenient for bad weather like rain and snow.
  • Cons: Noise level. Automatic openers can be noisy in addition to cars or work shops in the garage. Some people consider and attached garage to be an eyesore.

Detached:

  • Pros: Can be tucked away, out of site. You can customize the size for your own personal use. Quieter.
  • Cons: More expensive to build. Inconvenient in case of bad weather. Longer walk to carry items to and from the house.

These are just some of the considerations that home buyers face when shopping for a home. Other considerations have to be made like which special amenities are must haves, and which one you can do without. Also think about the utilities that are available to you like whether you can use cable, DSL or satellite and when it comes to plumbing… can you settle with a septic tank or cesspool instead of a sewer? The bottom line is that you can ask for advice as much as you want, but ultimately, this will be YOUR house and you need to wait until you find one that fits your needs, your budget, AND your wishes!

Happy Shopping!

Other Home Value, Uncategorized