What Should You Buy?
2008-08-21 20:54:06
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When looking to buy a new home, there are a lot of things to think of in selecting your dream home. Don't think of what you need right now, but also think of what you will need in the future. Here are some house elements to consider :
- Your Lifestyle and Life Stage: Do you have children? Will you have children soon? Will your children be moving out soon? Are you close to retirement?
- Size Requirements: How many bedrooms and bathrooms do you need? Do you need an office Do you need a garage?
- Special Features: Do you need air conditioning? Storage space, fireplace, swimming pool, hobby rooms? Will you have a resident with special needs?
Try to determine what you will need over the next 5 to 10 years, then select a home that will offer you all the features you will need in that time frame. Moving is very expensive, so it is best to make sure to purchase something that you won't have to move out of quickly. Purchase a home you plan to live in for many years. Make sure to visit many locations before deciding on one location in particular to purchase.
Choosing the Right Location
If you find a home that has everything that you need and everything seems perfect, then it still might not be the right house for you. When deciding a location that you will live, it is very important to consider the location before making a final decision on the house. Some key considerations on location are as follows:
- The distance and ease of getting to work and school for your family
- What school and the school quality your children will attend in the neighborhood
- Whether you want to live in a city, town, inner-city, suburbs or outside of the city.
- Distance to parks and other recreational facilities
- How close you are to your family and friends
- Types of amenities in the area and the distance to them.
Previously Owned, New or Build Your Own Home?
When purchasing a home it is always best to think of whether you are in the market for a resale home or a new home. The following is a list of considerations you must make before deciding:
- Personalization When buying a new home, you sometimes get the choice of design styles. Whereas, a resale home, you must pay for renovations to personalize the home.
- Meets Standards A new home will meet all standards, and a used home may not have everything up-to-date.
- Maintenance Costs A brand new home will not need as much work as a resale home. Things will need to replaced with a resale property.
- Taxes Some homes will be able to receive a tax rebate.
- Extra Costs On newly built homes, you may have to pay extra for added features on the house. Make sure that you are aware of what is and isn't included in the price.
- New Premiums When buying or building a brand new house. The home builder will usually charge a premium over a resale house to cover overhead costs. This usually brings the purchase price of the property to quite a bit hire then if it were resale.
Deciding on the Type of Property
There are many different types of properties to choose. They all have different advantages and disadvantages to the different types of homes. Think about what your needs are before selecting a type of property. Also, take into the consideration the environment surrounding the property before deciding on a type of property. Some examples of different property are:
- Single Detached The most popular property style. Free-standing property which has its own lot and offers a large amount of privacy.
- Semi-Detached A single home attached on one side to another home by one common wall. It is usually easier to maintain and generally less expensive than a detached property.
- Duplex Two units that are attached to each other. One is usually above or beside each other. One unit is commonly rented.
- Townhouse One of many houses that are joined together by common walls. It has limited privacy due to the close living areas. Most provide a separate door for each unit. These homes general cost less to buy and maintain.
- Carriage Home Houses that are joined by ether the garage or the basement walls, so the house appears to be detached; however, in order to lower costs the houses are joined at some point.
- Condominium A form of ownership of a style of construction. Condominiums are generally in high-rise residential buildings and low-rise buildings. A condominium is a unit in the building that is owned and occupied. It generally has a monthly maintenance fee attached to ownership.
Before looking for houses, it is better to make sure you know exactly what you are looking for in a house. This will save a lot of time and effort for you to prevent you from looking at houses that don't meet your specifications. Make sure to discuss these specifics with your Realtor so that they know what houses to be on the lookout for you.
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Source: What Should You Buy?