No matter what type of home you decide to buy, the old rule holds true:
The three most important things to consider when buying a home are location, location, location. After all, you can change everything about a home except where it is. (Okay, I know that technically some homes can be moved but really, would you ever want to attempt that? :-O )
First, some basic things to consider. Is your prospective home convieniently located, or will you have a long commute to the places you need to go? Do you prefer a home in the country, or would you rather live in the suburbs or the city? Do you want a property with a lot of land, or would you prefer a smaller lot that's easier to handle?
Single folks need to consider the location factor very carefully. If you're living on your own, first and foremost you want to live in a safe area. You won't enjoy living in even the nicest house or condo if you have to keep doors and windows locked at all times, or if you don't feel secure going to and from your car at night. A high crime area also detracts from the value of the home. It can be tempting for those paying the bills on one paycheck to look at that cheap nice house in an "iffy" area and think, "well, maybe I'd be okay here if I'm careful." Stop right there! How many of us are careful of our safety all the time? If you live in a bad neighborhood, letting your guard down even once can have tragic results. Can't afford a safe neighborhood? Then put off buying and save until you can. From both a safety and financial perspective, it's far better to buy the worst house in a good neighborhood than the best house in a bad neighborhood.
Love to socialize? Then look for an area with lots of social amenities. Remember, though, that while you want to be in easy reach of you favorite hangouts, it's not always a good idea to live on the same block they're on. Restaurants, clubs, and bars can bring lots of extra noise and traffic to your neighborhood. And oops! If there's a bar in your neighborhood, keep in mind that patrons can very boisterous when closing time comes around (and hopefully they don't use your house or garden as a restroom!).
How's the parking situation in the neighborhood you're looking in? While this may not seem like such a big consideration at first, keep in mind that there have been situations where neighbor has shot neighbor over a space. Parking is at a premium in congested areas- if you buy in such an area, you may end up parking blocks away from your home. And snow compounds the issue; you might've shovelled out a space, but that doesn't mean your neighbor won't take it when you leave!
Be sure to check out the school district you'll be living in. Why should a single/no kids person care about the school district? Because the quality of the school district will have a huge impact on the value of the home. A good school district will also have lots of activities going (band, sports, etc.) that'll help keep neighborhood kids busy and out of trouble. And who knows, maybe you will have kids someday, and lucky you- you're already in a good district.
And finally, it's a good idea to consider the demographics of the area. A young, single person may not be happy in a neighborhood full of senior citizens or families. Or maybe not- maybe that's just what your looking for. Just remember- the neighbors make or break the neighborhood. Look for an area that has a mix of people you'll enjoy living side by side with.
It can be a challenge to find just the right area, but once you find the right neighborhood, you'll have increased your chances to find a home you'll be happy in.
Saturday, June 25, 2011
Wednesday, June 15, 2011
Condo Or Not?
One decision a homeowner-to-be must make is whether to buy a house or a condominium/townhouse. The single homeowner-to-be is often advised by family and friends (and maybe even their realtor) that a condo is the way to go. "It's just going to be you on your own", they say. "Just think- you won't have to worry about outdoor work, and everything will be so much easier for you. And it's usually cheaper to buy a condo than a house anyway, and that'll help you as you'll be paying all the bills yourself." "Wow!", you think. "Cheaper and easier! That must be the way to go."
Wait a minute! Not so fast there.
There are definately plusses to condo life. Your friends and family are right- you won't have to mow or shovel snow, and condominiums are generally cheaper to buy that comparable single family homes. But there are also some downsides to condo life that you should consider:
Some other things to think about before buying:
Wait a minute! Not so fast there.
There are definately plusses to condo life. Your friends and family are right- you won't have to mow or shovel snow, and condominiums are generally cheaper to buy that comparable single family homes. But there are also some downsides to condo life that you should consider:
- Attached walls. Living in a condo or townhouse means you'll have people on the other side of your walls (and maybe your floor and ceiling, too!). This means noise! And not just wild parties at 3am, either- you'll be listening to everybody's everyday noise, like footsteps, crying babies, and barking dogs. Keep in mind also that you'll need to keep the noise down yourself if you want happy neighbors.
- Condo fees. Any home that's part of a homeowner's association that provides any kind of maintence will charge you a monthly fee. Fees vary greatly from development to development. Some fees just cover outdoor maintence; other associations may include some or all utilities in the fee. Be sure to find out exactly what's included before you buy, of course. And keep in mind that fees do increase with time as costs increase.
- Assessments. Ever wonder who pays when a condo building needs a new roof or other major repairs? The condo owners. ALL of them in the development, not just the folks in the affected building. When repairs or upgrades are needed that aren't covered by the regular maintenence budget, the homeowners association will issue an assessment to each unit owner, requiring that they pay a share of the costs. True, paying for a share of a repair is cheaper than paying the whole bill as the owner of a house would have to, but remember- you as a unit owner will have only so much say as to what gets done when. You'll be expected to come up with the money when the association says so. Can't pay? The the association will put a lien on your unit, and the amount you owe will be paid to them when you sell.
- Rules. Condominium communities all have rules their residents must live by. Some allow pets, some don't. Most have official "quiet times" overnight so people can sleep. Find out what the rules are for any community you're interested in- make sure you can live with them before you buy.
- No outdoor maintenence! That's a big plus for busy people, or those who physically are unable to tend a yard.
- They're usually cheaper to buy. You need to find out about the fee, though- a cheap mortgage isn't cheap anymore when it goes hand-in-hand with a high condo fee.
- Carefree living. Condo units are usually simply laid out and easy to care for.
- A sense of community. Some condo developments have pools, sports ammenities, and social quarters to enhance the lifestyle there.
Some other things to think about before buying:
- Find out what percentage of the units in the development are owner-occupied. If most of them are, great! People who live in the units they own tend to care about the community and take good care of their homes. If a high percent of the units are owned by landlords who rent them out, it may be trouble- not every landlord screens their tenants well, and you may end up with some problem neighbors as a result.
- Extra ammenities such as swimming pools are nice, but they will add to the community's maintence costs (and that'll hit you in the wallet!).
- Try to find out who manages the development, and ask other unit owners if there have been any problems with them. There are some real estate management companies that are less than honest dealing with association funds- this is rare, but not unheard of.
Wednesday, June 8, 2011
Deciding How Much House You Need
When you buy a house, you're making a big commitment. You'll likely be living in the home you buy for at least several years. This makes carefully thinking about what you need in a property beforehand a must. A single person especially needs to consider what kind of a property they can handle. Here are some things to keep in mind:
Do you want a one-story or multiple-story home? Having a home where everything is on one level can be very convienient, and you won't have to deal with stairs. Homes that are two or more stories are often larger than those with only one story, and they offer more separation between public and private spaces. Of course, a larger house means more cleaning, and you'll be running up and down steps every day.
What kind of kitchen will you need? If you're an aspiring Julia Childs, you'll want a kitchen that offers plenty of countertop area and room to work. For those who'd rather toss a frozen dinner into the microwave, a more basic kitchen will do. Have lots of cookware and dishes? You'll need to find a home with a lot of kitchen cabinets!
How many bathrooms do you want? Wait a minute, you say. It's only going to be me in this house; I'll only need one bathroom. That's very true, but keep in mind that having at least one extra half-bath will increase the resale value of the home. And if you have a plumbing problem with your one and only toilet, oops! You've got a problem. Hope you've got nice neighbors that'll take pity on you and let you use theirs. Downsides of multiple bathrooms- more plumbing to be maintained, and more cleaning to do.
Do you like to entertain? Cozy little intimate gatherings can be held in almost any living space, but big bashes require more room. If you love having the gang over on a regular basis, make sure you have enough room for them to be comfortable. And remember; you want enough space, but not more space than you can easily maintain.
Will I need more than one bedroom? Some folks can get along just fine with only a single bedroom. But if you ever have overnight guests, or if you need an in-home office, at least one extra bedroom is an asset. Multiple bedrooms add to a home's resale value, too. A multiple bedroom home is also easier to sell- no family wants to buy a one bedroom home, and most single people want at least one extra bedroom too. Of course it's an extra room you'll have to clean, though.
How much storage do I need? Storage is a big consideration when you're house-hunting. Some folks are minimalists by nature, but most of us have items we need to store. Have a look around your current living space, and try to envision how much storage space you'll need in your new home. Will you need a basement or attic to keep things in? How many closets do you think you'll need? Do you want your home to have specialized storage areas, like coat and linen closets? Keep in mind as you make these decisions that you likely have more things than you realize- you'll find that you when you're packing to move!
Having a list of "needs" for your new home worked out before you go house-hunting will help streamline the process. It'll help you find a home that's practical for your lifestyle.
Do you want a one-story or multiple-story home? Having a home where everything is on one level can be very convienient, and you won't have to deal with stairs. Homes that are two or more stories are often larger than those with only one story, and they offer more separation between public and private spaces. Of course, a larger house means more cleaning, and you'll be running up and down steps every day.
What kind of kitchen will you need? If you're an aspiring Julia Childs, you'll want a kitchen that offers plenty of countertop area and room to work. For those who'd rather toss a frozen dinner into the microwave, a more basic kitchen will do. Have lots of cookware and dishes? You'll need to find a home with a lot of kitchen cabinets!
How many bathrooms do you want? Wait a minute, you say. It's only going to be me in this house; I'll only need one bathroom. That's very true, but keep in mind that having at least one extra half-bath will increase the resale value of the home. And if you have a plumbing problem with your one and only toilet, oops! You've got a problem. Hope you've got nice neighbors that'll take pity on you and let you use theirs. Downsides of multiple bathrooms- more plumbing to be maintained, and more cleaning to do.
Do you like to entertain? Cozy little intimate gatherings can be held in almost any living space, but big bashes require more room. If you love having the gang over on a regular basis, make sure you have enough room for them to be comfortable. And remember; you want enough space, but not more space than you can easily maintain.
Will I need more than one bedroom? Some folks can get along just fine with only a single bedroom. But if you ever have overnight guests, or if you need an in-home office, at least one extra bedroom is an asset. Multiple bedrooms add to a home's resale value, too. A multiple bedroom home is also easier to sell- no family wants to buy a one bedroom home, and most single people want at least one extra bedroom too. Of course it's an extra room you'll have to clean, though.
How much storage do I need? Storage is a big consideration when you're house-hunting. Some folks are minimalists by nature, but most of us have items we need to store. Have a look around your current living space, and try to envision how much storage space you'll need in your new home. Will you need a basement or attic to keep things in? How many closets do you think you'll need? Do you want your home to have specialized storage areas, like coat and linen closets? Keep in mind as you make these decisions that you likely have more things than you realize- you'll find that you when you're packing to move!
Having a list of "needs" for your new home worked out before you go house-hunting will help streamline the process. It'll help you find a home that's practical for your lifestyle.
Wednesday, June 1, 2011
First Steps Toward Buying
Okay, you've made up your mind. You're gonna go for it! You're going to purchase a home.
So now what?
An excellent first step in the home-buying process to get pre-approved for a mortgage. Pre-approval takes some of the anxiety out of the house-hunting process- you have a much better idea what you can afford to spend, and you know you have your financing ready. Sellers are also more likely to accept offers from buyers who are pre-approved. Just arrange an appointment with a mortgage loan officer at your bank or mortgage company, and you're on your way. (Make sure you ask in advance what paperwork you should bring along with you to the appointment.)
Once you have your financing, you need to decide exactly what you want in a home, and what general location you want to live in. Writing things down is a good idea! Make a list of "must-haves" and "would like to haves" for your new home. Even if you decide to compromise further down the line, you at least have some guidelines to help you make your choice.
Your next step should be to find a good realtor. True, you can go out and find a property on your own, but sometimes the best homes are sold before they're even advertised. A good realtor will be up to date on the local real estate market. Also, a knowledgable realtor will save you lots of time in the house-hunting process- they can direct you to properties that will suit your needs in areas you're interested in. This will cut down time spent looking at homes that simply don't fit the bill for you. Not sure how to find a good realtor? Ask your friends and family that have recently bought and sold property. You can also find a realtor from the listings on Realtor .com.
And finally, you should find a reputable home inspector. Having a property inspected before you buy it is a must- it can save you thousands of dollars in the years to come. Even if you're looking for a fixer-upper and plan to put money into it, you should still know exactly what you're getting into before you buy. A good home inspector can be found by word of mouth, but many realtors also work with home inspectors. (Note: be sure to check the home inspector's reputation with the Better Business Bureau, to make sure they're not just "okaying" properties for the realtor!). The American Society of Home Inspectors can also help you find a reputable inspector.
It's an awful lot to think about, isn't it? It is- but once you work you way throught these steps, you'll have made your house-hunting process much more streamlined. Having your financing in order and working with the right professionals will help you into your new home before you know it.
So now what?
An excellent first step in the home-buying process to get pre-approved for a mortgage. Pre-approval takes some of the anxiety out of the house-hunting process- you have a much better idea what you can afford to spend, and you know you have your financing ready. Sellers are also more likely to accept offers from buyers who are pre-approved. Just arrange an appointment with a mortgage loan officer at your bank or mortgage company, and you're on your way. (Make sure you ask in advance what paperwork you should bring along with you to the appointment.)
Once you have your financing, you need to decide exactly what you want in a home, and what general location you want to live in. Writing things down is a good idea! Make a list of "must-haves" and "would like to haves" for your new home. Even if you decide to compromise further down the line, you at least have some guidelines to help you make your choice.
Your next step should be to find a good realtor. True, you can go out and find a property on your own, but sometimes the best homes are sold before they're even advertised. A good realtor will be up to date on the local real estate market. Also, a knowledgable realtor will save you lots of time in the house-hunting process- they can direct you to properties that will suit your needs in areas you're interested in. This will cut down time spent looking at homes that simply don't fit the bill for you. Not sure how to find a good realtor? Ask your friends and family that have recently bought and sold property. You can also find a realtor from the listings on Realtor .com.
And finally, you should find a reputable home inspector. Having a property inspected before you buy it is a must- it can save you thousands of dollars in the years to come. Even if you're looking for a fixer-upper and plan to put money into it, you should still know exactly what you're getting into before you buy. A good home inspector can be found by word of mouth, but many realtors also work with home inspectors. (Note: be sure to check the home inspector's reputation with the Better Business Bureau, to make sure they're not just "okaying" properties for the realtor!). The American Society of Home Inspectors can also help you find a reputable inspector.
It's an awful lot to think about, isn't it? It is- but once you work you way throught these steps, you'll have made your house-hunting process much more streamlined. Having your financing in order and working with the right professionals will help you into your new home before you know it.
Saturday, May 28, 2011
Am I Ready To Buy A Home?
Buying a home is a BIG step in life. How do you know if you're ready to be a homeowner?
There's no simple answer to this question; everybody's life situation is a little different. But there are definately some things to keep in mind when you're asking yourself this question.
First and foremost, are your finances in order? You'll need to have enough saved for a down payment, closing costs, and any moving expenses. Having a bit extra put aside is a good idea, too- unexpected expenses can pop up when you purchase and move into a new home. Is your income sufficient to pay a mortgage and utilities? Remember, as a single homeowner all those bills will your responsibility alone. And of course a good credit rating is an asset when you apply for a mortgage.
Do you have the time required to take care of a home? Homeownership is a big responsibilty. Lawns need to be cared for, properties need to be painted and maintained. Even some condo owners have some outdoor areas to take care of, such as a patio/deck. Will you be able to "keep up" with your own home?
And of course, don't forget that home ownership is a commitment. Buying a property means putting down some roots and becoming part of a community. When you buy a home, you can't just pick up any time you want and move on like you can when you rent. A home owner usually plans on staying put, at least for a while.
Lots to think over, isn't it? Be sure to think things throught before you buy, so you can make the best choice for your life.
There's no simple answer to this question; everybody's life situation is a little different. But there are definately some things to keep in mind when you're asking yourself this question.
First and foremost, are your finances in order? You'll need to have enough saved for a down payment, closing costs, and any moving expenses. Having a bit extra put aside is a good idea, too- unexpected expenses can pop up when you purchase and move into a new home. Is your income sufficient to pay a mortgage and utilities? Remember, as a single homeowner all those bills will your responsibility alone. And of course a good credit rating is an asset when you apply for a mortgage.
Do you have the time required to take care of a home? Homeownership is a big responsibilty. Lawns need to be cared for, properties need to be painted and maintained. Even some condo owners have some outdoor areas to take care of, such as a patio/deck. Will you be able to "keep up" with your own home?
And of course, don't forget that home ownership is a commitment. Buying a property means putting down some roots and becoming part of a community. When you buy a home, you can't just pick up any time you want and move on like you can when you rent. A home owner usually plans on staying put, at least for a while.
Lots to think over, isn't it? Be sure to think things throught before you buy, so you can make the best choice for your life.
Wednesday, May 18, 2011
Sometimes Renting Is Better
But wait, you say. Maybe renting is a better option for me.
Well, sometimes it is. Renting can be the best choice in some situations. You have to evaluate your own personal situation to make your decision.
Are you new to the area in which you'll be living? If so, renting for a while is a good idea. You'll be able to get a feel for the area without making the commitment of purchasing a property. This way you don't risk unknowingly buying a home in a bad area.
How long will you be living in the area? If you won't be staying in the community very long, renting is the way to go. You won't have to worry about buying, maintaining, and selling a property that you won't be living in for long. And if you buy a home and have to sell a short time later, be aware that the property may not sell quickly in the current economy.
Is your personal situation likely to change soon? If life changes like marriage or children are on the horizon, you may want to hold off buying until you are ready to find a property that will accomodate your new situation.
Renting can be the right choice, in the right set of circumstances. Just remember; be sure that you read and understand the terms of your lease before signing-you'll be obligated to live by the rules in that lease as long as you're a tenant. And try to save a little bit of money each month, for the day when you're finally ready to buy.
Well, sometimes it is. Renting can be the best choice in some situations. You have to evaluate your own personal situation to make your decision.
Are you new to the area in which you'll be living? If so, renting for a while is a good idea. You'll be able to get a feel for the area without making the commitment of purchasing a property. This way you don't risk unknowingly buying a home in a bad area.
How long will you be living in the area? If you won't be staying in the community very long, renting is the way to go. You won't have to worry about buying, maintaining, and selling a property that you won't be living in for long. And if you buy a home and have to sell a short time later, be aware that the property may not sell quickly in the current economy.
Is your personal situation likely to change soon? If life changes like marriage or children are on the horizon, you may want to hold off buying until you are ready to find a property that will accomodate your new situation.
Renting can be the right choice, in the right set of circumstances. Just remember; be sure that you read and understand the terms of your lease before signing-you'll be obligated to live by the rules in that lease as long as you're a tenant. And try to save a little bit of money each month, for the day when you're finally ready to buy.
Saturday, May 14, 2011
Welcome Home!
So, you're single and house-hunting. Good for you! Home-ownership is just as rewarding for single people as it for couples and families. Single folks do have to think of things a little bit differently than a couple though:
Who will be paying all the bills?
YOU!
Who will be doing all the cleaning?
YOU!
Who will be doing all the yardwork and maintenence?
YOU!
Yep, it'll all fall to you, the single homeowner. But don't be scared off by that; if you make good choices right from the start, you'll be able to manage everything just fine. That's why this blog is here-to help guide you along the journey.
Who will be paying all the bills?
YOU!
Who will be doing all the cleaning?
YOU!
Who will be doing all the yardwork and maintenence?
YOU!
Yep, it'll all fall to you, the single homeowner. But don't be scared off by that; if you make good choices right from the start, you'll be able to manage everything just fine. That's why this blog is here-to help guide you along the journey.
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