The millions upon millions of homes that blanket the United States are just like fruit — they all come in various shapes, colors and sizes. There is no property out there that is perfect for any and every person. Each individual has their own reasons and justifications for the type of home they are looking for, and those reasons have just as much variety as the homes themselves.
So, the question begs for an answer: what type of home should YOU be looking for? It might be easy to assume there’s no such thing as a wrong answer, but it’s never that simple. The thought is that the ideal home is as large a property as your budget can muster; to get more “bang for your buck”, so to speak. This could be true for someone in particular, but perhaps you’re constantly traveling and away from home more often than not. Maybe you aren’t a social individual and decide hosting parties in your expansive rooms isn’t worth the stress and effort. As such, we’ve compiled a list of questions you should ponder over if you’re planning on making a big move and want to know what home is right for you.
IS THIS BIG (OR SMALL) ENOUGH FOR MY FAMILY?
Just like with fruit and houses, families come in multiple forms as well. Married couples by themselves, ones that want children in the future or already have some on the way, those that allow their grandparents and extended family to stay with them… the list goes on and on. As such, when you’re moving, you need to consider what kind of “family unit” you have — and most importantly, what you want to have. Homes aren’t cars where you should buy and trade in as you see fit. Most of the time, they’re long-term investments and the expectation is you will choose what you want to stay with for the long haul.
For obvious reasons, Square footage is most important here. The more you have, the more space there is to fit additional heads under one roof. From there, you have to consider how close-knit you want said family members to be. Two-story properties and/or homes with a basement (if available) create space for those that like to maintain some distance and privacy between each other. If you have the budget for it, consider a pool house/accessory dwelling units. They’re known to house in-laws and grandparents for a reason.
Alternatively, some people find the closeness comforting, so a home with adjacent bedrooms or a single-floor layout might be more enjoyable. You may find yourself surprised with the fact that you or others don’t like the feeling of complete isolation, so have a conversation with all residents to get their opinions.
Trust that you’ll benefit from their input. The last thing you want is to assume, spend a few hundred thousand dollars and find out that your son or daughter is unhappy with being too close or far away. Right now, it is crucial you discuss what options are available in floor plans for both listed properties and new builds. We can help find these answers for you.
WHAT ARE YOUR PRIORITIES?
While previously mentioned that homes are usually purchased for the long-term, we know it doesn’t always work out that way. Career paths change and life altering events take place for you or those close to you in other states. You could have children well on their way through high school, preparing to “leave the nest” only to make your current home feel a lot more spacious and empty than it was just prior.
Life happens. Most of it you can’t control, so you should spend some time considering the things you can. Think about where you and your family will be in five years. Is everyone happy with their career paths? Do you have children thinking of going to school soon, and if so, is it local or out of state?
There are other priorities to consider as well. Will your home serve a purpose beyond offering four walls and furniture to lounge around in? Do you plan on hosting parties often, perhaps have your in-laws often? You’ll want a large enough dining room or perhaps a backyard patio to accommodate many guests, and of course one or two guest rooms will be needed if you expect regular overnight appearances from others. This would be a good time to consider how willing you are to spend extra cash or space, however.
Remember, you can always have your parties elsewhere, and your in-laws will be just fine staying at an Airbnb or hotel. It’s okay to downsize instead of increase if there’s truly no need. Because, after all…
WHAT KIND OF INCOME/BUDGET ARE YOU WORKING WITH?
Money makes the world go ‘round. It’s a popular idiom for a reason. Whether you’ve bounced between jobs, just gotten your feet wet in your career path or been chipping away at a single occupation for years, the one thing consistent between everything and everyone is this: everyone makes a different income. The reason there’s such a variety in real estate is because of that exact reason. Perhaps you’re the sole breadwinner in the household, or you might have a spouse that also brings in a steady revenue. You might be of a younger age with an expectation that your salary will continue to climb year after year. Alternatively, you could be approaching retirement age soon and this may be the perfect time to downsize to leave less of a gap as you begin to rely on savings and other forms of income.
The biggest sin you can commit is to purchase a house via a mortgage that you can barely meet. You need to keep some of that bread in your pocket for so many other things, after all! Beyond the initial deposits and inspections along with the monthly payment itself, you have to remember the many other investments you’ll be tackling if you go for bigger and better. More room means more renovations, more space to keep cold and run that power bill up, and last but not least, more general upkeep. A dream home is always nice to obtain if you have the means, but prioritize you and your family’s mental health and stress. The world’s been a crazy enough place as is. The last thing you want to do is add to it.
WHAT ELSE CAN YOU THINK ABOUT?
Plenty! It’s the purchase of a new home. This could be your first or fifth and it wouldn’t change how stressful or important of a decision it is. No matter how budget friendly or luxurious you plan to be, mistakes or lack of judgment aren’t cheap. Even if you’re conscious about square footage and overall space, it’s beneficial to not look at exact numbers and think about how the actual space looks. A well-constructed home can do more with a smaller property than a larger one that was built with little thought behind it. Ask yourself how much time you and/or any of your family spends time at your current home. Make sure you’ll REALLY benefit from a size increase with additional rooms to do more things like a dedicated office space, indoor gym etc.
And last but not least, don’t just ask yourself. Ask someone like one of our agents! Not only can we help you with the monetary things like providing local living cost estimations and price negotiations on listings, we’re also very familiar with the market and can show you listings based on what your family needs most. Don’t go at it alone. We’re here to be your advocate so you can have the most secured future possible.