Choices – it’s great to have them but challenging to narrow them down. Whether choosing between where to have dinner, which movie to see, or something as important as where to live, making up our minds is sometimes quite difficult.
House hunting is either feast or famine: sometimes there are no homes that you like, other times, there may be too many that offer exactly what you want. So, how do you “say yes to one and let the other one ride,” as the Lovin’ Spoonful so aptly put it back in 1966?
Here are some factors to consider when weighing one choice against the other.
Mortgage Costs and Financial Considerations
One of the biggest mistakes people make when buying a home is assuming their monthly mortgage payment is the only financial outlay required when owning a home. The cost of homeownership includes more than the payment – sometimes much more. Consider these additional costs:
- Association, neighborhood, or condo fees
- Electricity, water, and other utilities
- Homeowner insurance
- Repair costs
- Maintenance, such as landscaping, pool service, etc.
TIP: Compare the real costs of owning the houses in question. One may just price itself out of the decision-making process.
The Basics: Location, Structure, and Design
Think back to when you first decided to buy a home. While the price was most likely your biggest concern, the location may have factored into your concerns as well. Many home buyers end up compromising on location, veering away from their original intent.
TIP: Compare the locations of the houses in question. Which one fits your original intent? Are you compromising on location when you don’t have to? Go over this list and remind yourself of which aspects of location are most important to you:
- Commuting distance
- Future nearby development projects
- Local crime
- Local economy
- Neighborhood age and cleanliness
- Neighborhood traffic noise
- Property values
- Proximity to shops, hospitals, and schools
- Nearby features that may drag down property values, such as a landfill
The structural integrity of the house is also extremely important when you choose a home. While it may seem beautiful, if it isn’t well built, home maintenance costs could cripple a new owner’s finances. Here’s another opportunity to compare houses. Which one is more structurally sound?
Something has equally attracted you to more than one home and typically, that something is design.
TIP: What design elements do the two homes have in common and which house presents those elements better? Look at the floor plans and picture yourself using them. Is one more functional than the other? Are there odd-shaped rooms that may end up driving you crazy?
Don’t Go Changin’. . .
Still, stuck? Ask yourself what you would change about each house if finances were not a consideration. Allow your imagination free reign on this one and you may find that one house edges out the other.
While I don’t advise you to go with your gut or flip a coin when deciding which house to buy, in the end, it may come down to emotion.
On one level you’re making an investment decision — but you’re also choosing something very emotional ― a home. When all the priorities are examined, and all the pros and cons of each choice are considered, whether or not a house feels like home is an important consideration.
I’m happy to help you find the perfect home in the ideal location.
