With two kids in college and a freshman in high school, as much as I would like to take my own advice and buy now - it really isn't the right time for my family to make a move. However, for those people who want or need to make a move in order to take the next step in their lives, what are you waiting for?When you consider that affordability is the highest it's been in years along with today's historically low interest rates, buying a home now means smaller, more manageable monthly mortgage payments. Plus, you'll be increasing the value of your investment over time simply by paying less interest over the life of your loan.
With attractive pricing and low interest rates to motivate you, it's time to take action - before this once-in-a-lifetime opportunity is gone. Whether you're a first time buyer looking to invest in your own future instead of your landlord's, part of a growing family with teenagers and an 80-pound dog living in a home bought back when the kids were starting elementary school and dreaming of a new puppy or a couple looking to spread your own wings and enjoy a little more free time, you can find a great deal on the home of your dreams right now.
While there are many things to consider when it comes to buying your dream home, looking at a few common issues most buyers face is a good place to start.
1. Location, location, location. There's always somewhere we'd rather be living. Personally, I would prefer a beach house over my home in the suburbs and will definitely look back on the great opportunities of today with great regret someday. How about a neighborhood you've had your eye on for a while, maybe something within the boundaries of a specific school district or an easier commute to work? Do you prefer historic homes, established neighborhoods or a brand new home of your very own? Would you love to be more out in the country or closer to restaurants and entertainment venues? Once you narrow down your wants and needs, the next step is to get out there and see what's available. Chances are you will be pleasantly surprised by all your options.
2. What size? Data captured by the US Census indicates that the average size of a new single family home declined for the first time in 2009 after over 30 years of uninterrupted growth. The average size of a home in our country was 1,645 square feet in 1975. That number swelled to 2,520 square feet in 2008. Today, the average is 2,392. The trend for large homes with dedicated special purpose spaces such as exercise rooms, offices, studies and media rooms seems to be waning. Now, people are more concerned with the amount of space they really need. Give it some thought.
3. What style? Today's floor plans offer a wide range of choices with ranch, 1 ½ story and 2 story options, some with no basement, some with full basements including daylight or walkout options and others with partial basements. Homes with open living spaces are great for entertaining, but some people still prefer traditional rooms. Think about how you live your life to determine the style that best fits your needs.
4. Finishes. Whenever a new home is built, there are a myriad of selections that can dramatically affect the bottom line. That's why there are many different grades of homes. In the kitchen alone you'll find a range of countertop and cabinet combinations, not to mention flooring, appliances, plumbing fixtures, hardware, lighting and the overall layout. Homes today also feature more green building materials and high-efficiency systems. Again, think carefully about the things that are must haves versus potential compromises when it comes to your dream home.
5. Landscape. A large, well-manicured yard is great for outdoor living, but it takes a great deal of time and money to keep it attractive and inviting. That's why many buyers opt for less responsibility when it comes to seasonal upkeep, including snow removal, and choose maintenance-free environments.
6. Amenities. Be sure to explore beyond the boundaries of an individual property. Check out the entire neighborhood. Look for parks, shopping, restaurants and other destinations important to you such as schools, movie theaters, the post office, healthcare facilities and highway access. You'll also want to inquire about city services and utility providers, including police and fire protection. These are beneficial to know before you invest in a home.
Taking each of these points into account, consider how long you've been thinking about buying a home. Has it been months . . . or maybe years? Whether it's your first home or you simply want something larger or smaller with less maintenance, find out why it's the best time in recent history to buy a home. Get off the fence and start searching for your dream home today!
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