Home Considerations When Deciding Between Two Houses

During your house hunting experience it is possible you will find 2 houses that you like equally well.  You and your spouse may be split on which house is best for your family.  If you are in this situation and needing to make a decision on which house to make an offer, do not take this obligation lightly.  In your thinking process you need to be rational and not guided by emotion.  Many times in this situation you do not have the luxury of available extra time.  The houses maybe located in a hot market area and/or priced to sell quickly.  When the above occurs it is a good idea to put the pros and cons on a piece of paper and truly define your family needs and budget.  While performing this task, I would recommend include the following comparisons:

·      Compare the neighborhoods for things that are important to your family, such as, kids in the neighborhood, parks, shopping, restaurants, church, how well the neighborhood is maintained and distance to work.  Finally, talk to residences of the neighborhood.

·      Evaluate the schools, this is important if you have children and for resale value when you are ready to sell in the future.  If you have children you should visit the schools and review state standardized test results online.

·      Review crime and sex offender statistics by visiting with the local police.  Residence sex offender statistics should be available online by neighborhood.

·      Stay away from purchasing the most expensive house in the neighborhood.  When you get ready to sell you may find out that your home value did not appreciated as fast as originally though due to lower price homes within the neighborhood.   

·      Request your realtor to provide you an appreciation report for the past five years defining the rate of appreciation.  This may identify the better home for investment and make it more profitable when selling.

·      Ask your realtor how long the house has been on the market.  The seller may be more willing to negotiate on the selling price if the home is been on the market for a long time.  At the same time, try to find out why the seller is selling, for instance, divorce, or the seller needs to move quickly, etc.

·       Have a list of the amenities and attributes that you would like to have in your new home.  Compare each house to determine how it measures up to your needs and desires.

·      Likewise make list of drawbacks of each property to determine the negative impact this will have on your family.     

After performing the above tasks, revisit each house and weigh the pros and cons of each property.  This may lead you to a clear cut decision on which property is best for your family.  Many times buyers make a compromise on amenities, getting an amenity they did not plan on, and giving up some other amenity.