Dreaming of a new home? With the right planning, that dream can become reality.
But there's a lot to know before you begin packing. Our Buyer's Guide takes you
through the entire planning process, step-by-step, to determine the type of home
that may be perfect for you. We'll ask a few questions, provide a few answers,
and even help you print worksheets that you can use with your RE/MAX agent.
What Will Your Lifestyle Require?
How many bedrooms do need? How many will you need in few years? Those preschoolers
will be teens someday. Are you planning to stay in your home that long? Perhaps you
already have teens who'll be ready to move out on their own soon. What will you do
with all the extra space? When you're thinking about your family's needs, remember
to think about little things, too -- like parking. How many cars will require space?
You'll also want to consider the proximity and reputation of schools.
(Our new Neighborhood Profiles page can help you learn more about these factors).
What about work? These days, people tend to change jobs frequently and sometimes the best
way to get a promotion is to move to another company or city. If you're transferred, will
you be able to sell quickly? As long as we're thinking about work, how much time do you
want to spend commuting? Do you drive or rely on public transportation?
As you can see, you'll want to dedicate quite a bit of thought to how long you intend to
stay in your new home. It may be difficult to answer before you've even found you’re a
property, but if it's your first home give some thought to the resale value when it's time
to upgrade. On the other hand, if you're planning to stay in your home for a long time,
consider your future needs and purchase a home that will accommodate them.
Do You Live a Maintenance-Averse Lifestyle?
When you're looking at homes, consider the advantages of brick over wood frame homes when it
comes to painting. Take a look at the garden. If you don't enjoy mowing, then an expansive
lawn and garden may not fit your lifestyle. You can also evaluate the possibility of future
maintenance and repairs based on the age of the house. If you don't like the idea of major
renovations, a newer home may be your best option.
Does Your Lifestyle Accommodate a Fixer-Upper Fantasy?
Many first time buyers have them. It goes something like this: You find a big home in a great
neighborhood that's well below what you'd expect to pay. You visualize a couple coats of paint,
a few repairs and - voilà - a dream home without the nightmare price.
But before you jump headlong into this "once-in-a-lifetime opportunity," consider how you'll do
all of the work - and how long it will take you to do it. Will it be weeknights after a long day
at the office? Or will you have to hire someone? Are you ready to live in a dusty mess as you
renovate? Do a realistic assessment of the job at hand and be sure to have the house inspected.
The last thing you want is a bargain home that turns into a money pit. You're far better off
finding a house that costs a little more each month but doesn't need much work than you are
buying a fixer-upper that eats hundreds of dollars each month.
For example, lets say you could buy a really nice house with minimal work required for $10,000
more than a fixer upper. At today's mortgage rates, that really nice home would cost only cost
about $65-$75 per month more than that fixer-upper. If you buy the fixer-upper, you'll be
spending a lot more than $75 a month to get it into shape, not to mention the potential strain
on your family from living in an unfinished home.
