We're seriously thinking about buying a house in about a year. Earlier I posted that we were trying for a house at about $500K. That number is not random, we've been thinking about our needs. More than anything, fiance wants to buy a house. It's his major goal.
(1) The most important thing to us is the neighborhood. We are looking at only 4-5 neighborhoods.
Don't bother emailing me averages. I know a house in the burbs with a pool is $150. I don't do commuting. If I had to drive a half-hour to work (or more), I would go crazy. That kind of commute is not uncommon around here, but I'm not doing it. I also know you can get a nice place in a sketchy hood for $200-300. Nope, I live in a nice neighborhood, and that is not going to change.
(2) We need space to run a business. Unless you've run a home-business, you have no idea how much space it takes. Our multi-purpose room is now the business room. It would be really nice to close the door on the business when not working.
(3) We need a kid-friendly-ish place. If we are going to buy and stay for 5 years, we need a place where you can have a baby, and preferably a toddler. We might move after that, but we need to make it at least that long for it to be worth it to buy. That means we need a seperate room for the baby, and enough space for a baby/toddler in our living spaces.
(4) We don't do landscaping. We need minimal yard, but we need enough yard to let the dog out. We would be willing to hire a yard crew, but ideally, the landscaping is minimal.
(5) No more duplexes. We will never live in another duplex. We might do a condo, but it would have to be well-insulated like our current one. Those new rows of condo after condo after condo slapped up by the developers generally do not meet that criteria.
(6) Updated bathrooms and kitchens. We don't do DYI, and the 70s closets and kitchen in our current condo suck a lot more than we expected them to. We need this work to already be done or for it to be fairly new (90s+) construction.
Our current condo is about 1,400 sq. ft. Once the business moved in, we outgrew it. The 70s layout is pretty bad, and we have a big, worthless room that is not good for anything. So, compared to modern houses, it's probably more like 1,200 sq. ft.
These are our needs to buy. Our needs to rent are somehow radically different. We're also considering just upgrading the rental if we can get a deal on a rented house that meets our needs. There is a lot on the rental market as well.
Saturday, December 6, 2008
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8 comments:
I`m happy you`ve at least got a realistic set of goals in mind for the house. Instead of expecting a cheap house that`s PERFECT you`re expecting to pay the cash it takes to get that house.
And you know what you want. I really like that. Plus, having a business - I couldn`t agree more. You need to close the door on the business once in a while
We are living in our 6th house that we have owned in 20 years. I never before had a specific list of must haves for our house. When my boys are out of college and we downsized I finally know exactly what I want.
I hope you find the perfect house.
I bought thinking I would move in 5 years, that won't be possible since I owe more than it's worth. Even in an OK market it takes years of appreciation to make up for the transaction costs. I'd say you need to be prepared to stay 7 years minimum, if it's not a place you'd be happy in for that long keep looking.
Also since you're not in to DIY you might want to stay renting for longer, houses are work and hiring someone for every little thing can get expensive. I repaired our water heater this week, would have cost $150+ to call someone but all it needed was a $10 part. I've rebuilt toilets, snaked drains and painted the exterior. I am a first time homeowner and I had no idea how high maintenance costs would be.
Since you are going to be looking for a house that will accomodate children, you need a yard whether you like mowing it or not. Kids need to a place to play outside -- whether it's just playing in a wading pool, running through the grass, or digging in the dirt. One problem with today's children is that they are losing touch with nature because they spend too much time in front of TVs and computers. Plus, after you buy a house, you may find that you like planting flowers and having a garden. Also, most people want some kind of yard, so for resale value you'll get more of a return if you have a yard. Watch a few episodes of "House Hunters" on HGTV network for confirmation of what I'm saying.
Eh I don't know about the yard thing. I'm a big urbanist and I think kids can grow up just fine without a yard. We have a park right across the street and I like the idea that my future kid would be exposed to people of all different age levels on a daily basis. And I hear you about not wanting to commute. Good luck in your search!
Barb, I don't think you need a yard to raise a kid who is active. If your area is safe and there are clean, nice parks or playgrounds nearby and lots of families in the area, your kids will have many opportunities to play outdoors with their friends and use their imaginations. Many cities have beautiful, safe, clean park systems as well as nearby wilderness areas.
A yard space can be expensive and difficult or expensive to maintain if you live in an urban area where townhouses, coops and condos are more common.
I think it is great you have a specific plan and know what you want. I am the same way. I will be buying a house in a year and have what I want narrowed down. A realtor is going to love you!
Ditto to Ms. M:
Even when a fairly new house (90's, 00's) you still might run into some unexpected expenses. When I bought my house I had no clue how costly a house can be (let's say if sewage starts backing up into your house/yard and you need it fixed, and it's NOT the city's fault? Hello $4000 plumbing bill). So whatever decision you make, do not forget to make a new budget for house repairs/improvements!
Luckily you're looking in a market right now that is primed to get the best deal. Good luck!
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