Right Sized Buying

Many buyers can afford more home than they need, it doesn’t mean they should purchase the size they can afford.  There are lots of considerations that should be made when looking for a home in the city (buyers for farm properties have different needs and wants than typical city buyers):

 

Longevity:

You want a home you can grow into if you are a young person or a couple and plan to get married and/or have children in the future. That way you don’t have to move with every addition to the family.  The opposite if you are nearing retirement.  You probably want a ranch or a home with a first level bedroom in case of any potential unforeseen medical issues. That way you don’t have to purchase a new home in order to still live on your own.

Affordability:

You want to make sure you are not trying to stretch every pay check just to make a house payment.  Too many people live beyond their means just for the perception of a large home and life style.

The larger the home, the higher the utility bills, higher potential maintenance costs, more time spent cleaning/dusting.

If you purchase a smaller house with a lesser payment you could potentially pay off the home early and save thousands in interest.

Location/Conveniences:

Consider location and future potential of what could be built nearby.  You can check with the local city planning department to see what they have planned for a specific area.

Purchasing near well-known school districts and/or desirable locations typically helps resale as others want to be in the same area.  In these areas home values typically stay steadier due to the desire of others to be in that location.

Age/Updates:

When purchasing an older home make sure the structure and large expenses have recently been updated such as recent roof replacement, newer windows, new furnace/ a/c, hot water heater.  You don’t want to dish out a ton of cash right off the bat fixing the home unless you purposely purchased a fixer upper.  Also, you may want to make sure they have completed some recent updates to the kitchen and bathrooms. These can be large expenses you might have to upgrade when you resell in order to be competitive with the market.

 

There are many more must have or requirements for each individual which will also play in your home buying decision. Happy New Year, and Happy house hunting!