4
IS THIS HOUSE THE ONE?
PROS AND CONS Make a pros-and-cons list for each home you like. Evaluate how the following factors match your lifestyle and budget: • Maintenance requirements • Space • Number of rooms • Light • Heating • Local amenities • Interior design style • Floor plan • Remodeling costs • Accessibility • Storage • Parking • Yard • Location
In addition, consider the following five points to help decide if a home is the right fit: 1. NEIGHBORHOODS. Explore the
FINDING A HOME IS LIKE FINDING A LIFE PARTNER— SOMETIMES IT’S LOVE AT FIRST SIGHT, AND OTHER TIMES, IT TAKES A WHILE BEFORE YOU REALIZE SOMEBODY IS MR. OR MS. RIGHT. AND JUST LIKE WITH ROMANCE, YOU MAY BE ATTRACTED TO MORE THAN ONE HOME AND NOT KNOW WHICH TO CHOOSE. IN ADDITION, IF YOU’RE LOOKING FOR A PLACE TO SHARE WITH YOUR PARTNER AND CHILDREN, YOU’LL NEED TO TAKE THEIR NEEDS INTO ACCOUNT. THOUGH IT’S TEMPTING TO MAKE AN IMPULSIVE DECISION, WHEN YOU’RE CONSIDERING AN INVESTMENT OF THIS MAGNITUDE, USE A RATIONAL APPROACH.
neighborhood and evaluate whether everything you need is there, such as schools, parks, restaurants, houses of worship and retail shopping. Does it have a good school system? Note the upkeep of nearby properties. Consider how comfortable you feel there. 2. LOCAL CRIME RATE. Whether you’re
4. LOCAL REAL ESTATE APPRECIATION.
“Appreciation” and “depreciation” are real estate terms for property value increase and decrease. Check the re-sale values of other nearby properties. See whether their values are increasing or decreasing to better understand whether you’ll see a positive ROI on the potential homes if you decide to sell in the future.
5. SIMILARITY TO OTHER HOMES. Real
estate studies show that homes that fit into a neighborhood and are similar in size, layout and amenities are more likely to sell than homes that seem out of place. Compare each home with adjacent properties to see how similar it is. This will give you a good prognosis of how easy it will be to re-sell. COMPROMISE If, at the end of this evaluation process, you and your partner still have different favorites, it’s wise to compromise. Take a few minutes to independently list your must-haves. For example, if he wants a state-of-the-art kitchen and a home gym, and you want a multi-car garage and a pool, discuss whether a home that fits all your other needs but doesn’t have a gym or pool would work if you joined the local fitness and aquatics center.
looking at a downtown loft or considering a villa in a wealthy suburb, look into the crime rate. Contact the local police department and ask for an overview of current crime to evaluate the safety of each neighborhood. 3. PROXIMITY TO WORK AND SCHOOLS.
Research how long it would take you to get to work, and—if you have school-aged children—how close you’ll be to schools. Remember that driving distance doesn’t always equal the time you’ll spend on the road, especially if you’ll be using congested routes.
MY MOVE STEP-BY-STEP HOME BUYING GUIDE 9