Hi Jennie :o)
Finding a new home can be exciting, but deciding what you truly need, want.and, just as importantly, can afford can be challenging...especially for the first time home buyer. Making these decisions begins with setting priorities among many different preferences. A home buyer must sort out Needs vs. Wants or Wants and Must Haves...It's important to know these BEFORE you begin your home search or you risk getting distracted or confused with all the choices that may not pertain to you.
Keeping in mind that upon making the decision to purchase a home a home buyers first steps should be finding a an experienced, full time, professional Realtor accredited in Buyer Representation...like an Accredited Buyer Representative (ABR) to counsel them and getting pre-approved for a loan with a solid local lender, the important consideration of "What Do You Want and Need in a Home?" can often get muddled especially with all the considerations and choices available.
Most homebuyers invariably face trade-offs and having an experienced, full time, professional Accredited Buyer Representative (ABR) Realtor is key in helping a buyer sort out their options. He or she can also offer important insights specific to your local market and what considerations can affect the price and affordability of a home.
Here are some of the many of the home considerations youâ€™ll want to discuss with your Realtor:
Basic Home Features
>Do you prefer a single-family detached home, townhome, condominium, or other type of property?
>Desired number of bedrooms and baths
>Preferences regarding kitchen, dining, family rooms, etc. and preferred home layout
>High-priority home features, such as kitchen appliances, fireplace, etc.
>Other types of rooms needed (e.g., a home office or a hobby space)
>Storage spaces (closets, basement, an outdoor shed, etc.)
>Need for a garage or parking space, and if so, for how many cars?
>Ranch, two story, split level, etc.
>Age and style of home (Victorian, bungalow, modern, etc.)
>How important is energy efficiency or other green home features?
Neighborhoods and Location
>Commuting considerations (to work, shopping, etc.)
>Proximity to desirable features (such as a community center, exercise facility, school, fire services, hospital, etc.)
>Views, how important is to find your ideal view (a mountain view, for example) or avoiding a bad one (a busy highway)?
>Size and shape, including back, front and side yards
>Landscaping considerations like xeriscape or the need for open play areas, privacy, patio space, decking, etc.
>Home orientation, is it important for your home to face a particular direction?
Life Considerations - If youâ€™ll be sharing your home with children, pets, live-in parents or others, how does this impact your housing preferences? Both now, and in the future? (For example, pets may require a fenced-in yard; older parents may dictate one-floor living.)
>What's a comfortable proximity to the neighbors?
Related Costs - Homeowner association restrictions and fees? Property taxes
Trade-offs - How much do you want to invest in a home beyond the purchase price, either financially or in terms of sweat equity, if you canâ€™t find exactly what you want? Be VERY Careful here...especially as a first time buyer...because intent and action are 2 very different things and you don't want to purchase a 'Fixer Upper' with the intent of putting sweat equity into it only to find out you have neither the time or more importantly the knowledge to do it professionally...sloppy DIY projects can significantly harm a homes resale value and often impedes it from selling.
>Are you willing to consider other neighborhoods that provide better affordability?
Resale Value and Equity - How long do you plan to live in this home? How does this impact the type of home you will buy (New Build vs Existing as existing homes in many cases can often offer a better short term equity position than a new build that require significant initial investments...Landscaping, Decks/Patio, A/C, Window Coverings, Upgraded Fixtures, Appliances, etc...where equity must build to recover that initial investment) how much youâ€™ll spend, and your choice of location?
I hope this provides some food for thought that you will find useful on how to go about choosing a new home
Brian L. A. Wess
RealtorÂ®, Broker Owner
CRS, CDPE, GRI, ABR, ASR, CSR, CNS, SFR, e-PRO
Military Relocation, Residential & Investment Specialist
Infinite Horizons Realty - Metro Brokers
Colorado Springs, CO
COLORADO REAL ESTATE...DONE RIGHT!â„¢