I spent the day Saturday looking at 12 homes with a couple of very savvy potential buyers. It was a PLEASURE! We communicated by phone and email before meeting in person Saturday. The buyers knew their price range, they knew their list of 'must haves'. They knew for certain where they wanted to be, based on proximity to work. Perhaps most importantly they had studied the inventory thoroughly, comparing specific amenities. Their priorities were clear, location, condition, age, amenities, price.
Sounds perfect right? Well almost. Even after doing that much homework, questions still remain for home buyers. Questions about how to keep your home search in balance in light of the possibility of future resale. When choosing a home we do so with a forward looking plan. We have to because on average we stay only about 7 years in a home. The question of resale looms like a cloud in the distance. Which is more important home buyers? Should you buy the two story that you thought was perfect, even though there are lots of retirees moving to the area that might not buy it later. Will those future buyers be passing your home over for a one level home? If you buy a house because you like the floor plan knowing the surfaces, while in great condition are not the exact surface materials most buyers are choosing. Will that haunt you later? Then of course you have to answer this question, 'how much is too much to spend on improvements'. Improvements represent unknown rather than known costs. Miscalculating this question can throw the whole deal off track, forever.
Here's my take on questions of balance while searching for a home.
1. Don't buy any home that you do not like based on future resale! You risk being miserable until the resale.
2. Stick to your budget! Even the cost of gas back and forth to work is a deciding factor.
3. Do not risk the unknown cost of upgrades, whether adding on a new room or something simple like counter tops or a new half bath. Stick to 'move in ready' listings if at all possible.
4. Beware of the wildcard. That 'fixer' at half of your budget may be your undoing before it's fixed the way you want it.
5. Do not buy anything you do NOT need in a home. Unused equals unneeded. Why maintain it and pay taxes on it you are not going to use it?
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