Buying a New House

For all of you, like me who are in the process of buying a house, you need to ask yourself: Is the house I'm looking for something I plan on having for a short time or am I looking for a house I plan on dying in?  Once you answer this question you are ready to start your quest.

Right now the market is very good to buy as interest rates are low and the market is returning to the slightly affordable era of 2005.  As many of you have been watching the DIY network and other Home Network shows on how to make your home you, you no doubt have all these fantastic ideas on the perfect house.  Throw these preconceived notions out as you will never find a house with everything the way you want it in your budget.  Make a NEED vs WANT list of all the things you are looking for in a home before you buy it.  The trick is finding a house that will satisfy your needs will be a more realistic idea unless you have the money to throw down.  Than your better off building your own house in the first place.

My checklist (need/realistic):

• solid foundation
• in the school district I want
• no mold or mildew issues
• fireplace/stove (Real fireplace made of stone attached to the outside of the house. Not those build in thin steel ones or gas)
• Basement with manageable structural supports
• Heat pump
• Decent yard space for kids and animals

My checklist (want/unrealistic):

• Swimming pool
• full kitchen with all the bells and whistles
• perfect neighborhood with all my friends living next door.
• built in surround round system throughout the house
• fenced in security fence with razor wire
• bomb shelter with 10 years supply of food
• cathedral ceilings with windows facing west
• large screen in porch/deck

 See how I've split the parts of my list I can live with and the parts I can live without.  The realistic part of the list is something you need to be careful about.  As per many states a home inspection is necessary, having a home inspector come threw is paid by the current home owner doesn't work for you (catch my drift).  My suggestion is to find a reliable class A contractor or structural engineer to do a walk through of the house you want to buy and an environmental check through a reliable company in your area (includes not limited to: Radon, Mold, Mildew, termites, bed bugs and other pests.)  When the engineer/contractor goes through make sure you mention you would like to know where the load bearing walls are in the house.  This will cost you out of pocket but will save you a giant headache when you learn you have to evacuate your house because the foundation is eroded or the basement is more a swimming pool than basement when it rains.

  Now that you have the technical stuff out of the way things to keep in mind when you see a house.  When you walk through a property you are going to be inundated with the home owners sense of style (paint, fixtures, lighting, furniture, carpet, yard, etc).  For most people buying a house this is an automatic turn off.  Keep in mind fixtures cabinets and everything else can be replaced with youtube videos and trips to your local giant hardware store.  The big thing you are looking for is how the house is put together.  Are the window's single, double, triple pane (cost your heating and cooling bill), are their cracks in the drywall (structural issue), are the baseboards sealed correctly, do the the bedrooms and bathrooms, have enough area for you, how does the roof look (will it need to be replaced sooner than later: [this should be answered by your contractor]), are their deep groves in the grass from run off, does the crawl spaces and attics clean and insulated.

  So everything looks manageable nothing a little effort and $500 dollars won't be able to fix.  Now you like the house but you don't love the house.  This part takes a little bit of imagination and knowing where the load bearing walls are.  Example:  The kitchen is smaller than you want, but the living room you will never use is on the other side of the kitchen behind a non-load bearing wall.  Well guess what with a little help from youtube (if you are handy, if not I recommend bringing in a professional) you can take down the wall and expand your kitchen.  If the wall is load bearing you will definitely need to bring in a professional.  See the house as yours and what you are able to do with it.

  For me when I buy a home it is going to be the one I'm going to die in unless I some how convince my wife to move to the Virgin Islands with a house right on the beach.  When I see a house I look at it's potential verses how long before I can realize that potential.  Example:  I see a house I can live in for a few years before I start any major work because I'm going to fork over more money versus I see a house with a lot of potential that needs some upgrades right away at a cheaper price.  I'm going to pay the exact same but with a little effort the cheaper house is something I can truly love sooner than later.

  Cost vs need.  Lets face it in these financial hard times owning a home is an investment.  If your someone who is constantly changing jobs and moving, owning a house is stupid.  You don't have the flexibility of leaving and going across the country for the next job.  Renting is cheaper on average and when something goes wrong the owner not you has to fix the problem.  With owning a house you are responsible for the flooded basement because the water heater busts.  Currently I rent because it's easier to deal with than owning a home, however I am in the process of finding a home when my wife's job becomes more settled.  Constantly moving is a pain in the ass if you own a home.  It's easier for us to rent and move than buy, move, sell, wait for someone to buy our house while we rent because we can't afford another house payment.  The idea of owning a home is the great American Dream.  However if you jump the gun and buy over your limit or not the perfect fit for you, than you suffer.  Buying a home is not like buying a flat screen or getting a dog.  Take the time (if it's years, it's years) to find the perfect financial and living fit for you.