By Kyle Gordon, June 24, 2024
Congratulations on starting your home buying journey! Purchasing a home is a big decision that involves thinking through and prioritizing many of your wants & needs in order to find the perfect fit. Below are the top three considerations you should think about when deciding on the type of house to purchase. Let’s dive in!
1. Lifestyle needs and preferences
Your lifestyle plays a crucial role in determining the type of house that will best fit your needs. Consider things like:
- Size and layout: How much space do you need? Do you prefer an open floor plan or defined rooms? Do you need a garage or off-street parking?
- Number of bedrooms and bathrooms: Will you need extra bedrooms for guests or a home office? How many bathrooms are essential for your daily routine?
- Outdoor space: Do you want a yard for gardening, entertaining, or for children or pets to play in?
- Location: What neighborhoods or areas align with your lifestyle preferences, such as proximity to work, schools, amenities, or recreational activities? Do you want a specific kind of view, like of Mt. Hood or the Columbia River?
Understanding your lifestyle needs and preferences will help narrow down the type of house that will best suit your daily life and activities. When it comes to prioritizing your wants and needs, consider splitting them into ‘can change’ and ‘cannot change’ buckets. For example, you can renovate a kitchen, but you cannot move your house to another lot.
2. Financial considerations and budget
Your budget is an essential of your home buying journey. Consider the following financial aspects:
- Purchase price and affordability: How much can you comfortably afford to spend on a home? Consider factors like your down payment, monthly mortgage payments, property taxes, and homeowners insurance.
- Maintenance costs: Beyond the purchase price, factor in ongoing costs for maintenance, repairs, utilities, and potential renovations.
- Resale value: While not an immediate concern, it’s a good idea to consider the resale value of the property in case your circumstances change in the future.
Understanding your financial situation and setting a realistic budget will help guide your search and ensure you find a house that aligns with your financial goals. Consider making a budget if you have not yet done this, as well as partnering with a financial professional to help you through this process.
3. Long-term plans and future needs
Buying a home is a long-term commitment, so it’s important to consider your future plans and potential changes in your life:
- Future growth: Roommates, kids, parents, pets – do you anticipate your housing needs changing over the next few years?
- Accessibility: Consider whether the house meets your current and future accessibility needs, such as stairs, bathrooms, and overall layout.
- Investment potential: Evaluate the potential for the property to appreciate in value over time based on factors such as location and market trends. If you are considering renting out your home in the future, will the market rent put you in a comfortable financial position when considering your mortgage, taxes & insurance, utilities, and maintenance costs?
Considering your long-term plans and future needs will help ensure that the house you choose will continue to support you and remain a comfortable and valuable investment for years to come.
Conclusion
Choosing the right type of house involves thoughtful consideration of your lifestyle needs, financial situation, and long-term plans. Thinking through these three key considerations will help you make an informed decision that aligns with your goals and position yourself for a fulfilling homeownership experience. Take the time to evaluate each aspect carefully and work closely with a knowledgeable real estate broker to find the perfect house that meets both your current and future needs.
Ready to get a conversation started? Reach out to me and let’s partner on your home buying journey!
Kyle Gordon
Broker | OR
He/Him
My career north star is to help you achieve favorable results for yourself in your real estate journey - whatever that may look like for you. Through the lens of experienced guidance and negotiation expertise, I have had the privilege of partnering with friends and clients here in Portland to achieve their real estate buying and selling goals since 2020...
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- T: 971-354-6475
- kyle@livingroomre.com
Maker!