Buying
1 Establish family priorities
Begin with a thorough and realistic discussion of family requirements the ‘must list’. Include every member of the family in the discussion, especially the kids, as their needs and requirements are likely to grow or change more than those of the adults or parents.
Is the location convenient for all family members?
Anticipate potential changes in your family’s lifestyle and size, your kids off to college, grandparents moving in, job changes and the need for a home office. Make specific considerations for books, collections, art. How about adequate closets for clothes, seasonal storage, sports, games, hobbies and valuables. Select a competent, experienced REALTOR. If you plan to move to a new community, select an expert relocation specialist to advise you on every step of the move.
2 Define individual priorities
Identify privacy needs of each family member and preview homes accordingly. What sports, hobbies, activities of family members require allocated space inside or outside the home? Are parents ardent golfers, boaters, travelers or types who are frequently away from home, or people who enjoy gardening, working around the house. Keep in mind that the space needs of children change dramatically as children mature. Family togetherness is hardly the common mode during high school years. Anticipate the inevitable, short-term changing needs of your family as you preview homes. Accommodate individual, adult lifestyles if possible.
3 Identify monetary priorities
Expect some anxiety. It’s normal whether you are first-time buyers or veterans of many moves. Most home buyer’s anxiety tends to focus on money issues, including the three primary issues of:
How do we qualify for an adequate mortgage, and at what rate?
How large will the monthly payment be?
How much do we need to have for a down payment?
There are many loan programs available at low to no down payment. A mortgage professional will be able to help you find the program that is right for you.
4 Recognize unique priorities
In reality, every home buyer has unique priorities. Unfortunately, many home buyers never take time to recognize and prioritize their unique needs and desires or answer their specific housing related questions. Here are some thoughts worth considering as you begin your search.
Purchase price and resale value:
Is the price of the home you want to buy too high relative to other neighboring homes in your opinion?
Does architectural style affect price?
Tax Consequences:
Are you downsizing or ‘down pricing’ to gain equity or reduce monthly expenses? If so you may qualify to exclude up to $250,000 ($500,000 married couple) in capital gains on the sale of your present home. The rules are complex so be sure to talk first with your accountant.
New construction versus a previously owned home:
It’s largely a matter of personal preference. Recognize the realities of either preference, however. A newly built house will probably need landscaping, window coverings and other amenities. On the other hand, mechanical systems, roofing, appliances will be new. Often the decision comes down to the family’s preference for new construction vs an established neighborhood, or less building maintenance but more outside work in landscaping or gardening.
If you are not handy with tools, think twice about buying a ‘fixer upper’ with loads of charm, needing TLC and constant maintenance and capital investment.
Schools and community activities:
How can I obtain accurate information on the quality of schools in the community to which I am moving?
Start by asking your REALTOR or relocation specialist. Make appointments to visit each school your children will attend. Talk with school administrators and ask to meet teachers. Take a proactive role in evaluating the quality of education at each school.
How about community attitudes, events, activities?
REALTOR, relocation specialist, Chamber of Commerce and local media will give you a good picture of what is important in the community.
