So, You Want to Buy a House - My Tips on Homeownership
Given my wanderlust and hatred of staying in one place for too long I had never really considered buying a house until I moved to Chanute, Kansas. I already had a travel trailer and when I took a job in Chanute I figured I would just live in it full time. My desire to do that changed when the only place I could find to hook up seemed a bit sketchy and not the best place to live. My next option was to rent and given I have two dogs and I was in a small rural areas there were no rental options that allowed pets. So I decided to explore option three which was to buy a house. Buying a home and becoming a homeowner has been an adventure all in itself for me but I wouldn't change my decision if I could. Here I will share my experience and tips for buying your dream home and getting the most out of your money.
#1 Location, Location, Location
The location of a home is important for two reasons in my opinion - the price of the home and retirement livability. The location of a home is a huge factor when it comes to price point. I grew up in an area of St. Louis where people were willing to pay $300,000 or more for a tiny house on a small lot because of the school district and safe neighborhood. If those factors are important to you then by all means go for it. For me, buying in rural Kansas didn't give me a whole lot of options based on location, however, what I did learn is that getting out of big cities drastically reduces the price of housing. I was suddenly able to afford a house that living in a city I could only dream about living. The second factor that I feel is important when it comes to location is retirement livability. I realize I am only 28 but I have sat in plenty of waiting rooms with Retirement Living being the only reading material available. This magazine rates towns across America in terms of retirement living on the ability to walk where you need to go or public transportation. This magazine ingrained in me that someday I may not be able to drive anymore and might not have an adult child willing to drive me around. My house is in a great location where I can walk downtown to the shops, restaurants and pharmacy so when I get older and less independant I won't have to sell my house and relocate. I think this point is important for people, especially young people, when buying a house in an area they plan on staying because by the time I retire my house will be paid off and I will be able to enjoy my retirement.
#2 Sellability
I realize this point contradicts my last one but nonetheless it was important to me. It was important to me to buy a house that I knew would be easy to sell in the off chance I lost my job (which I did) or decided to move elsewhere (which I also did). I looked at many houses in Chanute in different stages on needing repairs and updates. The price range I had set didn't allow me to buy a house that was move in ready.I was either going to have to gut and remodel or have the house painted and new carpet put in to get rid of tobacco smell. I decided to increase my maximum budget to allow me to buy a house that I could just move in too and didn't major issues. A major factor that justified raising my budget was that it allowed me to be confident that I was buying something that I could easily sell if I need too. I have even had a few people call and ask if they could buy my house from me. In my ind the best way to ensure you a buying a house with sellability it to buy a house with multiple offers on it which is what I did. The downside is that I did have to go in full price but at making a full price offer I felt that I could ask for the washer and dryer. I ended up getting my dream house and have the peace of mind knowing that if I ever get in a bind (which I did) that I can easily offload my house.
#3 Rentability
When I bought my house I knew that another option if I ran into hard times (which again I did) would be to rent it. I knew when I bought my house that it was my dream house and that I wanted it for life. After losing my job I took one in Iowa and although I got back to Kansas almost every weekend it is no longer financially feasible to pay bills in two places. This is where the rentability comes in handy. Thankfully I was able to rent my house and even make a profit off of it. As a single person the practical house to buy would have been a one bedroom, however, statistics show that most people want at least three bedrooms and two bathrooms. This goes hand in hand with sellability. Although I didn't need the space my house in a three bedroom, two and a half bathroom home. While many people questioned my purchase, I knew in the long term that the space would benefit me and it has. It's also aesthetically pleasing and is more of an upscale rental in my area.
#4 Space
Another quality of a home that was important to me was space to park my travel trailer and any other vehicles I might aquire. I love all kinds of classic cars and at one point had a boat while I was married and thought I might want another one. While staying with my parents before my move I incurred the cost of storing my travel trailer and wanted enough space to mitigate that cost. Knowing your belongings and space you may need in the future is important when buying so you don't have to spend more later.
#5 Maintenance and Housekeeping
The first thing I noticed when my real estate agent showed me my future house was the park like yard with no less than 4 large mature trees with tons of leaves, helicopters and other lovely things that I would potentially have to clean up. I was very intimidated by the potential yard work. It's important when buying a house to know how much time you're willing to spend on maintaining the property or what you're willing to budget to pay someone else to maintain it. After being assured by the neighbors that they would help and knew people that would help for cheap I bought the house despite the 1/3 acre yard I didn't want to maintain. In the end, I was able to buy a very nice pushmower for a great price on Black Friday. Many people thought I was crazy not to go with a riding mower but my neighbor had told me that a push mower was good exersize. Not only was she right but I learned that I do actually enjoy doing yard work and it doesn't take as long as I had feared.
These are just some of the things that should be considered when purchasing a home. I have had my ups and downs but couldn't be happier with my home. Although I was resistant to moving to rural Kansas at first it has become my home and I can't imagine living anywhere else.
#1 Location, Location, Location
The location of a home is important for two reasons in my opinion - the price of the home and retirement livability. The location of a home is a huge factor when it comes to price point. I grew up in an area of St. Louis where people were willing to pay $300,000 or more for a tiny house on a small lot because of the school district and safe neighborhood. If those factors are important to you then by all means go for it. For me, buying in rural Kansas didn't give me a whole lot of options based on location, however, what I did learn is that getting out of big cities drastically reduces the price of housing. I was suddenly able to afford a house that living in a city I could only dream about living. The second factor that I feel is important when it comes to location is retirement livability. I realize I am only 28 but I have sat in plenty of waiting rooms with Retirement Living being the only reading material available. This magazine rates towns across America in terms of retirement living on the ability to walk where you need to go or public transportation. This magazine ingrained in me that someday I may not be able to drive anymore and might not have an adult child willing to drive me around. My house is in a great location where I can walk downtown to the shops, restaurants and pharmacy so when I get older and less independant I won't have to sell my house and relocate. I think this point is important for people, especially young people, when buying a house in an area they plan on staying because by the time I retire my house will be paid off and I will be able to enjoy my retirement.
#2 Sellability
I realize this point contradicts my last one but nonetheless it was important to me. It was important to me to buy a house that I knew would be easy to sell in the off chance I lost my job (which I did) or decided to move elsewhere (which I also did). I looked at many houses in Chanute in different stages on needing repairs and updates. The price range I had set didn't allow me to buy a house that was move in ready.I was either going to have to gut and remodel or have the house painted and new carpet put in to get rid of tobacco smell. I decided to increase my maximum budget to allow me to buy a house that I could just move in too and didn't major issues. A major factor that justified raising my budget was that it allowed me to be confident that I was buying something that I could easily sell if I need too. I have even had a few people call and ask if they could buy my house from me. In my ind the best way to ensure you a buying a house with sellability it to buy a house with multiple offers on it which is what I did. The downside is that I did have to go in full price but at making a full price offer I felt that I could ask for the washer and dryer. I ended up getting my dream house and have the peace of mind knowing that if I ever get in a bind (which I did) that I can easily offload my house.
#3 Rentability
When I bought my house I knew that another option if I ran into hard times (which again I did) would be to rent it. I knew when I bought my house that it was my dream house and that I wanted it for life. After losing my job I took one in Iowa and although I got back to Kansas almost every weekend it is no longer financially feasible to pay bills in two places. This is where the rentability comes in handy. Thankfully I was able to rent my house and even make a profit off of it. As a single person the practical house to buy would have been a one bedroom, however, statistics show that most people want at least three bedrooms and two bathrooms. This goes hand in hand with sellability. Although I didn't need the space my house in a three bedroom, two and a half bathroom home. While many people questioned my purchase, I knew in the long term that the space would benefit me and it has. It's also aesthetically pleasing and is more of an upscale rental in my area.
#4 Space
Another quality of a home that was important to me was space to park my travel trailer and any other vehicles I might aquire. I love all kinds of classic cars and at one point had a boat while I was married and thought I might want another one. While staying with my parents before my move I incurred the cost of storing my travel trailer and wanted enough space to mitigate that cost. Knowing your belongings and space you may need in the future is important when buying so you don't have to spend more later.
#5 Maintenance and Housekeeping
The first thing I noticed when my real estate agent showed me my future house was the park like yard with no less than 4 large mature trees with tons of leaves, helicopters and other lovely things that I would potentially have to clean up. I was very intimidated by the potential yard work. It's important when buying a house to know how much time you're willing to spend on maintaining the property or what you're willing to budget to pay someone else to maintain it. After being assured by the neighbors that they would help and knew people that would help for cheap I bought the house despite the 1/3 acre yard I didn't want to maintain. In the end, I was able to buy a very nice pushmower for a great price on Black Friday. Many people thought I was crazy not to go with a riding mower but my neighbor had told me that a push mower was good exersize. Not only was she right but I learned that I do actually enjoy doing yard work and it doesn't take as long as I had feared.
These are just some of the things that should be considered when purchasing a home. I have had my ups and downs but couldn't be happier with my home. Although I was resistant to moving to rural Kansas at first it has become my home and I can't imagine living anywhere else.
Comments
Post a Comment