People often describe finding a new home like falling in love: “I knew this was the one the minute I … pulled up to the curb … opened the front door … stood at the kitchen sink and looked out at the backyard.” Fill in the blank.
It’s likely to be the biggest purchase you’ll make, one that requires an understanding of amortization schedules and an ability to work through drama. Homes are emotional connections and investments; few transactions require us to exercise both sides of our brain so intensely.
The good news is you don’t have to start from scratch. Quite a few homes have been bought and sold before, and there is a logical approach to the process of shopping that starts with “big picture” questions and narrows into choosing “the one.”
The East is east and the West is west
Your first priority involves a geography lesson: which direction on the compass do you want to live? Unless you’re relocating to a new city, you probably have an impression which way – north, south, east or west – suits you. This may be based on proximity to work or to grandma, on the caliber of schools or the home prices and property taxes. Most likely, it’s a blending of factors that impact your life. Priorities change. For your first home, price may be the magnet pulling the compass in one direction. When you’re ready to retire, the ability to walk to restaurants, shopping and healthcare may help pinpoint a spot on the map. If you find yourself without bearings when you’re ready to shop, you have homework to do. This is time well spent before you get in a car. Find answers to questions like:
· Can I afford a home in this area?
· Is this town close enough to the places I go often (work, school, church, family, friends)?
· Do I feel good about the future of this community (its leaders, schools, property values)?
Name that NeighborhoodYour next step involves art. Within a municipality, determine what neighborhoods appeal to you. Are you attracted to a small yard and a front porch, or a spacious lawn and a private backyard? What neighborhoods offer these choices, and are they in your price range? These questions move beyond science into more emotional triggers of style, status and identity. Certainly, there are trends in new neighborhoods based on our society’s collective priorities. Almost universally, we prefer sidewalks, green space, a sense of security and adequate parking. Take time to answer these questions:
· Can I afford a home in this neighborhood?
· Do I identify with the type and style of homes here?
· Are there amenities I will actually use (swimming pool, sidewalks, parks, playgrounds)? If they are included but you won’t use them, you may be paying a premium.
The Dating GameSelecting a house seems like the next logical step, but before you fall in love with a front porch or granite counters, there’s more science involved: research to see if this is a building company you trust. Since you’re going through the effort of shopping for a home, chances are you plan to be here at least a little while. Beautiful architecture and trendy colors are great only if they stand the test of time. Ask others in the neighborhood about their experience with this company. Ask the company if they get referrals and repeat customers. Ask the Realtor if friends or business associates live in a home built by this builder. Every home – even one that’s brand new – will have some service issues. The important thing is to have confidence in the builder to correct any problems.
· Can I afford the homes this builder has for sale?
· What type of warranty is offered? One of the biggest benefits to buying brand new is to have a warranty period. Not all warranties are the same.
· What is the company’s reputation with customers and Realtors?
Amazing SpaceThe last step is a true blend of art and science: finding the right house for you. Typically, this involves answering easier questions. Are there enough bedrooms? Can I maintain this yard? Does the kitchen suit my interests in cooking? Will my truck fit in the garage? Is there a wall for Mee-Maw’s hutch? Some compromises make sense (like paint colors and light fixtures) while others are significant (don’t give up on finding homework space for your kids or a one-level home for your rheumatoid arthritis). Each home shopper will have a personal list of questions to ask, but remember these important tests:
· Can I afford this home?
· Can I resell this home if I had to?
· Would I be content to stay here if I had to?
The Common ThreadAt each stage, you’ve probably noticed a recurring question: “Can I afford this home?” Today, we don’t have to look far for examples of people – not just home shoppers but bankers, mortgage brokers and Realtors, too – who forgot to ask this important question at each step along the journey. Your quality of life is not influenced as much by square footage or zip code as it is by the joy you feel just being at home.
It’s likely to be the biggest purchase you’ll make, one that requires an understanding of amortization schedules and an ability to work through drama. Homes are emotional connections and investments; few transactions require us to exercise both sides of our brain so intensely.
The good news is you don’t have to start from scratch. Quite a few homes have been bought and sold before, and there is a logical approach to the process of shopping that starts with “big picture” questions and narrows into choosing “the one.”
The East is east and the West is west
Your first priority involves a geography lesson: which direction on the compass do you want to live? Unless you’re relocating to a new city, you probably have an impression which way – north, south, east or west – suits you. This may be based on proximity to work or to grandma, on the caliber of schools or the home prices and property taxes. Most likely, it’s a blending of factors that impact your life. Priorities change. For your first home, price may be the magnet pulling the compass in one direction. When you’re ready to retire, the ability to walk to restaurants, shopping and healthcare may help pinpoint a spot on the map. If you find yourself without bearings when you’re ready to shop, you have homework to do. This is time well spent before you get in a car. Find answers to questions like:
· Can I afford a home in this area?
· Is this town close enough to the places I go often (work, school, church, family, friends)?
· Do I feel good about the future of this community (its leaders, schools, property values)?
Name that NeighborhoodYour next step involves art. Within a municipality, determine what neighborhoods appeal to you. Are you attracted to a small yard and a front porch, or a spacious lawn and a private backyard? What neighborhoods offer these choices, and are they in your price range? These questions move beyond science into more emotional triggers of style, status and identity. Certainly, there are trends in new neighborhoods based on our society’s collective priorities. Almost universally, we prefer sidewalks, green space, a sense of security and adequate parking. Take time to answer these questions:
· Can I afford a home in this neighborhood?
· Do I identify with the type and style of homes here?
· Are there amenities I will actually use (swimming pool, sidewalks, parks, playgrounds)? If they are included but you won’t use them, you may be paying a premium.
The Dating GameSelecting a house seems like the next logical step, but before you fall in love with a front porch or granite counters, there’s more science involved: research to see if this is a building company you trust. Since you’re going through the effort of shopping for a home, chances are you plan to be here at least a little while. Beautiful architecture and trendy colors are great only if they stand the test of time. Ask others in the neighborhood about their experience with this company. Ask the company if they get referrals and repeat customers. Ask the Realtor if friends or business associates live in a home built by this builder. Every home – even one that’s brand new – will have some service issues. The important thing is to have confidence in the builder to correct any problems.
· Can I afford the homes this builder has for sale?
· What type of warranty is offered? One of the biggest benefits to buying brand new is to have a warranty period. Not all warranties are the same.
· What is the company’s reputation with customers and Realtors?
Amazing SpaceThe last step is a true blend of art and science: finding the right house for you. Typically, this involves answering easier questions. Are there enough bedrooms? Can I maintain this yard? Does the kitchen suit my interests in cooking? Will my truck fit in the garage? Is there a wall for Mee-Maw’s hutch? Some compromises make sense (like paint colors and light fixtures) while others are significant (don’t give up on finding homework space for your kids or a one-level home for your rheumatoid arthritis). Each home shopper will have a personal list of questions to ask, but remember these important tests:
· Can I afford this home?
· Can I resell this home if I had to?
· Would I be content to stay here if I had to?
The Common ThreadAt each stage, you’ve probably noticed a recurring question: “Can I afford this home?” Today, we don’t have to look far for examples of people – not just home shoppers but bankers, mortgage brokers and Realtors, too – who forgot to ask this important question at each step along the journey. Your quality of life is not influenced as much by square footage or zip code as it is by the joy you feel just being at home.
