Shopping for a home can be a lot of fun, however there are some important things to consider. The first one being making sure the home fits your potential future needs and lifestyle.
When most people go shopping for a home, they typically only think about their current needs. While this is understandable, this mindset can result in purchasing the wrong type of home. How many times have you seen couples on those TV home buying shows complain about needing a bigger home for their expanding family? Most of them are very young couples who purchased a home with only one extra bedroom. At the time they were home shopping, all they thought about was buying a place to live and they didn’t worry about the size. I personally think that a young couple should purchase a home with at least two extra bedrooms. By doing this they will alleviate the stress of finding a new home if their family starts expanding. Selling a home today is not as easy as it was several years ago, so this means that even if a couple can afford to move to a larger home, they may have difficulty selling their current one.
Another thing I see a lot of on those television real estate shows, are young couples or individuals who want to move to a single family home because they have ‘outgrown’ their downtown loft. I feel that a loft only fit’s a very specific lifestyle — which does not include a young person thinking about getting married or having children. Because lofts are designed for a very specific demographic, they can often be hard to sell. So before you sign a contract on a downtown loft, step back and take minute and think about your potential future needs.
One of the biggest mistakes I have seen many people make when shopping for a new home is looking at homes in far out isolated areas. I know that homes in far out areas are usually cheaper than homes in the city, but there are other potential costs involved. For example, if your car breaks down it will cost a lot of money to take a cab to work or to a rail station. Also, it will be expensive to take a cab to and from the grocery store while your car is being repaired. Some might say they can ride with a friend to work while their car is being fixed, however you might not be able to find a friend to pick you up if you live far, far away from the city. The only way to avoid these scenarios is to have ‘two’ good working cars — which means that you will be paying additional money for gas and car maintenance.