How to search for the perfect house
Let’s face it, most people simply can’t afford the home they truly want. The trick is to find the house that has the least of what you DON’T want, and the most of what you do.
When looking for the neighborhood, consider your work, schools, entertainment etc. Ideally, I like to be near a good school district for resale purposes, that is near work, and has entertainment opportunities last. If you can’t afford all that, there is probably a reason. Popular neighborhoods are popular for a reason and also hold their value better.
Look for a smaller house in one of these areas. I like to have the worst (cheapest) house in the best neighborhood. That way, your house is not brought down by the value of someone else’s lesser house. If you still can’t afford anything, look further afield, or simply rent until you can afford to live where you want. Remember, homeownership is very emotional. If you live somewhere you hate, you will want to move right away, and probably won’t get out with half a skin.
Next, consider how your house will be used. Do you have parties 3 nights a week? Do you have 10 rug rats running around that need the space? Don’t consider just square footage. Some houses that are less than 1000 sq. feet are laid out better and more functional than houses twice their size.
Consider the things you do in a house like cooking or entertaining. You may then want to look at houses with a bigger kitchen or family room or bar, what the heck. Make sure you consider any upcoming babies when figuring bedroom space and if you are going to use a bedroom for workout or office use. Also, make sure all your clothes and goodies will fit in the closet, including the things you will get in the future.
For most people, 3 bedrooms, 2 baths and a 2 car garage are ideal. This suits the average family, as well as having the best chance at resale. Avoid 2 bedrooms or no garage unless it is a steal. Even if you don’t need more, resale will be affected.
Look for houses that don’t need work. If all houses are priced the same per sq. foot, (and I find this the case many times) look for a new or like new home that will have the newer amenaties like whirlpool tub, wood floors, etc. Many new homes will often have a 10 year warrantee, just make sure the warrantee company is reputable and has been in business for quite a while.
Stay away from the 70’s shag carpet and funky cabinets unless you can get a true bargain. Older houses may be a bit cheaper, but from what I have seen it is usually for a reason. Would you buy a house of the same size for $10,000 less, if it needs $20,000 worth of work? That deal sucks. Don’t get trapped in the “We will fix it later when we get the money” trap either. It will never happen.
If you do want to do some work and save some money remember, it is easier to replace carpet and paint than to fix a foundation and roof, so look for the easy repairs for an older bargain. Stay away from fixing foundation, joists, termite damage, or sagging walls. If there is one thing wrong with a house, remember, the whole house is the same age, there are probably other things ready to go.
The best bargains I have found have been well cared for houses in the 2 to 10 year old range that are foreclosures. These are too new to be beat up (in most cases) too bad, and tend to be in newer neighborhoods and have better construction and ameneties. You can always make an offer on a foreclosure as well, so start low, you can always go up, not down.
Don’t get too excited if the first house you make an offer on doesn’t make it. There are plenty of houses out there (espcially these days), and by taking your time and doing lots of research and looking, you will find the best house for your family for the money.
