The new home buyer has a lot to consider during their purchase. They’ve also got a lot on their mind. Will the loan go through? Will it go through on time? Do I have good enough credit to qualify for a loan of this size? What if we want kids? Will this home be large enough for my family? Will I be near the airport just in case? Will shopping be accessible? The list goes on and on. It’s only fair to have a list. As the old saying goes, “chance favors the prepared mind”. It’s good to know that you’re thoroughly thinking through your new home purchase. But what if the list of “must-have”s that are running through your head are misleading you? What if they’re doing more harm than good?
When searching for a new home, most people are concerned about pricing. They know they can only afford a mortgage payment of “x” or they can only put a deposit down of “y”. They give themselves a cap and say, “That’s it! I can’t go above this number.” Congratulations are in order for those who budget wisely, but there are things you may be forgetting by placing a price tag on your home. Not only do they pigeon-hole themselves with a price tag, but they also pigeon-hole themselves by listening to hearsay. For example, did you know that you could get an affordable green home? Probably not! You see celebrities riding around in their fancy Mercedes green cars, and think “I must have that kind of money if I’m going to have a green home!” Or, you may just think they’re out of your price range by at least a hundred thousand. This is simply not the case. There are many affordable green homes to be had, and many affordable custom homes to be had. You simply can’t let what you hear guide what you do. Instead, do some research within your desired location. Figure out what options you have available. Did you know that by purchasing a green home or purchasing a custom home that’s built better, you may be saving a substantial amount of money per month on your utilities bills? Enough money to the point where you could afford a home that costs a little more? Purchasing a home isn’t simple math. A + B = C scenarios just don’t work. Instead, it is like complex math theory. There are many variables, and they all make up how satisfied you will be with your home. Rather than make a quick judgement do the research.
Yet another common mistake that too many home buyers make is that they quickly jump to buy in pre-designed suburban communities simply because of the community. While we certainly know the value of communities, and we love ours, don’t buy a cheap track home because the community has a great pool. You’ll find that, if community is what you’re looking for, there are many communities that have custom homes built within them. These homes meet higher standards of quality, and are a better investment as they are more durable and will last longer, with fewer repairs.
Next you’ll want to think through the type of homeowner you truly are. Are you purchasing in a pre-planned community simply because you think it’s the right thing to do? Because it would just be easier? Perhaps you’re the type of homeowner who’d like to have your own land to live on, without a Homeowner’s Association to deal with. Each person has a home that meets their needs, and it’s important to establish well ahead of time what your needs are. If you’re more comfortable having acres of land between yourself and your neighbor, then a pre-planned community may not be right for you. That’s okay! You can still have quality, custom homes built on your own land. You don’t have to settle for pre-fabricated or track homes placed on your lot.
Simply put, you may have a delusion of what you think is right for the home buying process, but you may not be thinking through what is right for you. Media and friends will tell you one thing or another, but ultimately it is you who is making a significant purchase that may last you the rest of your life. It would behoove yourself to analyze what your want out of your home, and make sure your needs are met.