Nolo's Essential Guide to Buying Your First Home (8 page)

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Who is going to live in the home?
You may be on your own now, but in the future, might you bring in a roommate, significant other, child, elderly parent, or pet? If so, factor this into your priorities for things like number of bedrooms, quality of the school district, or availability of outdoor space.

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What do you plan to do in the home?
If you plan to work at home, spend a lot of time in the kitchen, or entertain frequently, plan adequate space for that. Conversely, consider whether you really need to spend extra for a huge gourmet kitchen if you eat takeout every night.

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What does your lifestyle require?
If you travel for business, you might want the convenience of a condo with easy airport access. Or if you’re into nightlife, you might want to be able to stroll home and crash at 2 a.m.

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How do you like to spend your time at home?
Do you love the idea of remodeling an old home or creating a beautiful garden? Are you scared to death of anything that hints at the word “handy”? If you’d rather be throwing a cocktail party than mowing the lawn, the big house in the suburbs may not really be right for you.

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Affordability.
Older homes tend to cost less to purchase than new, customized homes. (Though this isn’t a universal rule—in large cities, where the majority of new building is far outside the city, it can be the reverse.)

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Established neighborhood.
Instead of looking at mounds of dirt while perusing architectural drawings, you’ll be able to get a feel for the neighborhood by taking a stroll.

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Established landscaping.
You’re not likely to find a tree-lined street, or a wisteria arbor over your front gate, in a new development.

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Construction.
Older homes are often built with high-quality materials such as thick beams, solid-wood doors, and heavy fixtures.

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Character.
Crown molding and built-in cabinetry are just a few of the fun features found in older homes—but rarely in newer homes.

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Lower resale value.
Older homes, on average, sell for less than their newer counterparts.

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Replacement costs.
The years take a toll on appliances, water heaters, and roofs—and replacing them isn’t cheap.

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Efficiency.
Older houses tend to be less energy efficient than newer ones.

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Style.
Although you can probably switch out the former owner’s unique style choices (like magenta bathroom tile), it may require a fair amount of sweat equity (meaning
your
sweat builds equity).

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Layout.
Older houses were built for another era … an era before plasma screen TVs and home offices. Rooms may be smaller and laid out differently than you’d like.

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It’s mine! It’s new!
A new house is a blank slate, clean and virtually untouched.

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It’s custom-built.
Although most builders offer a limited choice of floor plans, you usually get to define details like paint colors, flooring, and fixtures (though good taste comes at a price).

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All the modern conveniences.
New houses are built for today’s lifestyles, so you’ll be able to find features like a three-car garage, great room, or high-speed data lines. Also, you shouldn’t have to worry about replacing a water heater or roof anytime soon.

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Livin’ green.
New houses are generally more energy efficient than older homes, so per square foot, you’ll probably spend less money on things like heating and cooling costs. And with some searching, you might find a “green builder” who uses environmentally friendly building techniques and materials (see the U.S. Green Building Council’s website at
www.usgbc.org
).

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Community planning.
Many new homes are built in Planned Unit Developments (PUDs). Like condominiums, PUDs often have rules and amenities like swimming pools and community centers. If you like the conformity and resources you often get from a community association, but want the privacy of a detached home, a new home in a PUD might be a perfect compromise.