4 Questions Home Buyers Should Ask Themselves
(Before Even Looking at A home)- Part 2

Home ownership is an American Dream - and if you are a renter, I am sure you have American Dream.

Let’s see if you have done homework and asked these questions to yourself!

We discussed about the first and the most important question last week.
Why are you buying a home?

Second important question to ask yourself is –

WhAT DO I NEED IN MY HOME?

As much as it is important to know ‘WHY’, once we have answers to ‘WHY’, answers to ‘WHAT’ is going to pave the path to your dream home.

The first step is, of course, create a mental wish-list of what you want in your home. And like goals, you want this to write it down on a piece of paper. And make sure you separate your wants from your needs.

There are two types of needs – physical and emotional.

Physical needs are easy to define.

·       Is two bedrooms home enough or you want at least 3 bedrooms?

·       Do you want two full bathroom or need at least an extra bath?

·       What style of home do you like? Is single family detached home with reasonably good yard is okay or you want to live in a townhome where basic maintenance is taken care of – at nominal monthly association fees?

·       What should be the size of the home? Are you okay with about 1,500 square feet home – or you need a bit bigger home?

·       Do you like to have one-car garage, two-car garage, or it’s okay if there is no garage?

Emotional needs are bit different.

Most important is – How do you FEEL in the home once you step in. Some people call it vibes and some may call positive energy. Whichever way you look at it, you want to FEEL good in the home.

All physical specifications may lead to believe that it is the right home – however, if you still do not FEEL at home, that may not be a right home for you.

And to get the answers for your emotional needs….

·       Envision yourself enjoying at a party in a family room with your friends.

·       Worry about the commute to your work place.

·       Consider the distance from grocery shops, shopping for your day-today needs, restaurants etc.

·       If you have children, visualize them playing in the neighborhood.

·       And back to semi-physical needs –  hope for enough room in closet of your master bedroom.

·       While in kitchen, you may want to cook on gas stove and not that electric one!

Now extend that wish-list to few years down the road – may be, 5 years from now.

And answer the same questions – along with these questions. I am sure the needs and wants will be bit different than the first set of answers.

·       Am I going to need more space in next few years?

·       Will I start a family in next few years?

·       Will someone from your family will visit your home and stay with you for extended period?

·       What will be their needs? An extra room? An extra full bathroom?

You want to make sure, you address ALL your needs few years from now – and not settle for something that you are happy with, today.

Buying a home is not a trip to grocery store. Some of us even prepare the grocery list before heading to the grocery store. So why not make a detailed list of your wants and needs before you start the search of your home.

Remember, you are buying the home today for tomorrow. You will be living there for few years.

Today your needs may be limited. It is not going to be easy for you to upgrade to your future needs, if they are not considered today.

Think of your ‘WHAT’ for tomorrow and make the list of items that answers the question –

WhAT DO I NEED IN MY HOME?

The Third and another very important question is:
How much money do I need?
This is BIG! I have seen buyers dream of a home without any means! Nothing wrong in dreaming. However, can you afford it?

I'll discuss about this topic in my next post.

Please email me with your contact information at Praful@iPrauful.com for your first time home buyer's guide.

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