In the past month, I have, coincidentally, been working with several folks who are buying their first home. There is SO much exciting about the prospect of home ownership, it can sometimes be hard to separate that general excitement from one's specific needs and priorities.
Sometimes, we think we know what we want in a home, which may be based on the kind of home grew up in, what our friends bought, what is trendy in the area or what we think we *should* want. Often, getting out and looking at actual properties, not just online photos and video walk throughs, can help inform what we really want. Maybe you thought you wanted an old, charming bungalow, but once you've seen a few, decide the charm isn't worth the small closets, dragging your laundry to the basement and closed off kitchen. Or conversely, you really like the clean lines of modern homes, but once inside, find them cold and sterile.
What is most important, is if the property will serve your needs today AND into the future, or through a life change. Real estate fees (commissions, loan fees) and moving are expensive. While you don't want to put ALL of your money on your home, try to buy so you can stay for a longer, rather than shorter time.
One year, I seemed to specialize in selling very small houses to single people...who soon thereafter met and decided to co-habit with a partner. All of the houses were really too small and they all ended up selling sooner than later. While I appreciated the business, I felt badly that they moved on so quickly.
Buy so, if you lose your job, there is space to take on a roommate to help pay the bills. Or if a pandemic comes along and everyone is working and going to school from home, that you have space in which to accomplish this. Don't buy right next to your current work place, if you don't like the area. If you have job change, you still want to like where you live. This isn't necessarily about always buying bigger (though often it is) but allowing for change to happen.
No matter the price range, choosing a home is about compromise. It is rare to get everything you want. Think about the absolutes; I must have a fenceable yard for my dog, I must have a one level house as I have mobility issues, I must have a garage for my classic convertible. Are those really absolutes? Might you put the classic car in a garage elsewhere?
We've all heard it, location, location, location. Location is not changeable, or pretty darn hard to change. But maybe there are several locations that fit your needs. Don't get stuck on just one, unless you need to be near a family member, etc.
Lastly, just because a house checks all the boxes on your list, doesn't mean you have to buy it. You need to feel good in the space. Engineer types have trouble with this. Put a box on your list for the feeling, or unquantifiable aspects of a property; that "je ne sais quoi". But don't let that feeling override too much! Know when you are being swayed by the pretty paint job. Its fine to buy the pretty paint job, as long as you are aware and be sure it doesn't cause you to forgo a true "must have'".
If you already own your home, were there particular features that caused you to buy *that* home? Were there things on your list you wish you'd held out for?
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