Home Buying information You Need

Home Buying Decisions

by George Bogosian

Do you want a house to fix up because you like working on projects or your finances warrant a house in need of repair? Do you need an office space, entertaining space, a library, a study, a children's room, exercise room, garden, porches, decks, garages, a fireplace, a room for the butterfly collection? Do you like high ceilings and lots of light streaming into the house?

The more soul searching you do will prepare and direct you to look at houses you really want to buy…….it will save you lots of time.

It will create the focus you need and want in this search. Do some homework now….. it’ll pay off in the end. You get the picture, think of all the uses you need or want for your home. Get all the fantasies out of the box, now is the time to go for broke, later you'll be reeled in. Work on the list for one half hour over three days, other uses and wants will come to you, write them down. This exercise will make a difference; it will help make clear what you want.

Once you are satisfied about your choices show your list to any partner you may have and vise versa, talk about your choices to each other. Let the other person share their fantasies about their dream home. No arguing or negatives at this point, just listen, make a game out of it until you're both are delighted with the home you've just created. Now, make a list together of the rooms in the house that you are not willing to compromise on, like, eating area, bath, bedroom etc. The finished balance between needs and wants will somewhat be based on your financial ability, the reality check. You may or may not have to make hard choices and compromises at this point. Use your lists to create the house you want and can afford.

What are the housing costs in your prospective buying area?

You can call your local Realtor to find out rough costs of housing in your area, or look at the Real Estate ads in the area you hope to buy. Remember, different areas of the country carry their own home ownership costs. Land and house costs, and both local and state taxes all play their part in home ownership. What are the taxes in your buying area? Taxes can be misleading so be sure to look at the taxes on the particular house you’re interested in and not just the local tax structure. High tax areas may not necessarily make for a bad situation. Find out why the taxes are high, there may be good reason.

What are the insurance costs in your area?

Depending on local and national economies it may be less expensive to build than buy a home. Check with local homebuilders to get an understanding about new home costs. Compare these new home costs against existing homes in your area, it could be a new home will actually cost you less money. Keep checking the real estate ads to get an idea of the prices of the houses you might like to purchase. You are simply doing a little comparison shopping.......and now...... This is a time to get some control of the finances. This is a time to create limitations. It is time to look through the lens of reality. Let's get real now.

This is where you decide and resolve your own personal situation about home buying. Where do you want to live, what part of the country , what state, live in the city or the country??. What do you mean by country? More animals than people, or neighbors you can't see? What style of housing are you looking for, single family, multi-family, condo, apartment, etc. Single family housing is what most people desire but there are advantages and disadvantages to all forms of housing. Condos, townhouses and co-ops may have lower pricing and offer easy maintenance and amenities such as pools, tennis, spas, weight and exercise rooms etc. This could give you access to activities that you could not afford on your own. Some disadvantages may be noise and density.

These items can greatly influence the cost of owning a home. Each of these living situations offers different opportunities and compromising. What are your cultural needs? You have them….. movies, opera, museums, sports events, stadiums, reading groups, children’s opportunities etc. Different events for each of us, so what are they and are they available? For some, where to live is an easy exercise, because of job opportunities, children, extended family or choices you've already made. Discuss and understand the choices you are making with yourself, your mate or a friend.

What is your desire? What do you want??

Those are two simple questions that could give you a lot of information. Spend some time soul searching for those answers.

There are many questions to answer during this process. Some regions of the country simply have more or fewer job opportunities and/or a repressed economy. Does the region create a financial incentive or is it a detriment? These affect the cost of housing and their resale value. Is resale of the property important to you? If it is a short-term living situation, then, yes, it is important. Most people don’t take the resale seriously enough; they are too excited about buying the home. Think about it, it’s important! You don’t want to jeopardize your future financial situation. Is the trend in the area one of a growing population and expanding economy or one in decline?? Do you want to live in town or out of town, which neighborhood? Do you have, or plan to have children? How good and far away are the schools? The quality of the schools plays a part in housing values. Better schools are desirable and housing costs could be higher. Also, better schools systems help retain house values. How far are the children’s entertainment, their friends, and their interests? The same questions apply to you as well. How far away is your work? What is the commute like in summer and in winter? Does the community offer the life style you want? What kind of neighbors do you want and are they residing in that neighborhood? Where are the compromises here? Surely there will be some to make. Which ones can you compromise on, and which will you not! This is the time to list the positives and negatives of your decision to live in a certain location. Be clear as to your decisions, because it makes sense to have solid footing about your intended move and purchase. Do this soul searching now and you will not be second-guessing yourself later. Confidence and comfort comes from understanding what it is you want in your decisions, and asking and answering as many questions about your move will be helpful.

What is your desire? What do you want??

Those are two simple questions that could give you a lot of information. Spend some time soul searching for those answers.

There are many questions to answer during this process. Some regions of the country simply have more or fewer job opportunities and/or a repressed economy. Does the region create a financial incentive or is it a detriment? These affect the cost of housing and their resale value. Is resale of the property important to you? If it is a short-term living situation, then, yes, it is important. Most people don’t take the resale seriously enough; they are too excited about buying the home. Think about it, it’s important! You don’t want to jeopardize your future financial situation. Is the trend in the area one of a growing population and expanding economy or one in decline?? Do you want to live in town or out of town, which neighborhood? Do you have, or plan to have children? How good and far away are the schools? The quality of the schools plays a part in housing values. Better schools are desirable and housing costs could be higher. Also, better schools systems help retain house values. How far are the children’s entertainment, their friends, and their interests? The same questions apply to you as well. How far away is your work? What is the commute like in summer and in winter? Does the community offer the life style you want? What kind of neighbors do you want and are they residing in that neighborhood? Where are the compromises here? Surely there will be some to make. Which ones can you compromise on, and which will you not! This is the time to list the positives and negatives of your decision to live in a certain location. Be clear as to your decisions, because it makes sense to have solid footing about your intended move and purchase. Do this soul searching now and you will not be second-guessing yourself later. Confidence and comfort comes from understanding what it is you want in your decisions, and asking and answering as many questions about your move will be helpful.

Decision summary:

1. What do I want? (a simple questions with much to gain from the answers)

2. What is my desire?

3. List the positives and negatives of a location and house on paper.

4. What are my family needs?

5. Talk till there are blisters on your tongue. (spoken and written words help to solidify your decisions)