: : : : :Think the Right Home for You is Out of Your Price Range? : : : : :

Making Pre-Purchase Decisions
Just because you may feel restricted by price ranges – especially if this is your first or second home purchase – don’t let anybody tell you that you can’t afford to be choosy when looking for a home to buy! You are unique. You have desires and needs, hopes and dreams for your new home that are different from your parents, friends or coworkers. OK? So let’s get busy defining these home buying parameters and writing them down.

Location & Neighborhood

Suburbs or Country

Pros: Generally less expensive. Often newer. Tract homes are conforming. More home for the money.
Cons: More time in traffic if driving to town for work. Further away from entertainment options cities offer.

Urban

Pros: Closer to many employers. Walking distance to theaters, restaurants, schools. Many period homes offer more distinctiveness in styles.
Cons: Often noisier. Higher crime rates. More expensive.

Busy Streets

Pros: Often homes on streets with more traffic are thousands of dollars cheaper. If noise doesn’t bother you, don’t pass up homes on busy streets. Drive by at different times of the day/week to ascertain noise levels.
Cons: These types of homes will always sell for less than others in the same area. If bedrooms are located near the front of the home, sleep may be disturbed.

Cul-De-Sac

Pros: Number one choice of buyers with children.
Cons: Less privacy, neighbors know more about you.

Corner Lots

Pros: Often larger lots. Fewer neighbors. More visibility.
Cons: More traffic noise. More vulnerable to vehicles jumping the curb. Kids might trespass at the corner. More sidewalk to shovel in winter.

Type of Home

Single Family

Pros: Good appreciation. Opportunity for gardens. More privacy. Quieter.
Cons: More expensive than our next category. More maintenance.

Condos, Townhouses, Cooperatives

Pros: Less expensive than comparable single-family homes. Generally newer so fewer repairs. Lock-n-go lifestyle. No yard or exterior maintenance.
Cons: Less privacy. Noisier. Common walls and/or floors and ceilings. Sometimes no private yard or balcony.

Number of Stories

Single Story

Pros: Easy wheelchair access. Some medical conditions such as bad knees make it hard for certain individuals to climb stairs. Easier to clean.
Cons: Can be noisier if stereos or televisions are located on the same floor as bedrooms. Some people feel safety is compromised if bedrooms are located at ground level. More of the lot is absorbed by living quarters.

More than One Story

Pros: More living space on same foundation than a ranch home. Less noise if entertaining on lower level while other family members sleep upstairs.
Cons: More trips up and down the stairs to carry stuff to bedrooms. If laundry rooms are on the second floor, washer leaks are major. Might need dual vacuum cleaners. It is difficult to maintain consistent temperatures on each level with out dual heating and cooling units.

Split Levels

Pros: Often less expensive if purchased with lower level unfinished. Higher ceilings are appealing. Downstairs family room separates noise levels from upstairs. More square footage on same size lots as ranch homes.
Cons: Less storage space. Hassle to take trash downstairs and carry groceries upstairs or vice versa. Kitchens tend to be smaller

Interior Specifications

Number of Bedrooms

Pros: Common minimum requested configurations are 3 bedrooms. Newer parents prefer bedrooms located on one level.
Cons: 2 bedrooms appeal primarily to first-time home buyers, singles or seniors. However, don’t discount a two bedroom if extra den will satisfy your space requirements.

Number of Bathrooms

Pros: More than one bath is preferred by most people. One bath homes are often less expensive.
Cons: Don’t pass up a one bath home if there is room to add a second bath. Sometimes it costs less to put in an extra bath than it does to buy a two-bath home.

Square Footage

Pros: Larger spaces offer more room and cost less per square foot than smaller spaces.
Cons: Don’t be misled as lay-out is more important than actual square footage. Sometimes well designed smaller spaces appear larger.

Bonus Rooms

Pros: Extra space for media rooms, art studios, children’s playrooms, gyms, den/study.
Cons: More expensive.

So now that you know how to define your home buying parameters, take your time and keep looking until you find exactly what you need.

Taken from Top How to Find the Right Home by Elizabeth Weintraub for About.com: Home Buying/Selling. To view this page in it’s original form, please visit: http://homebuying.about.com/od/realestateagent/tp/Whyhireagent.htm