Jim Valentine on Real Estate
Most people get hung up on the price of their home, but there is much more to consider. The price will always be a primary factor from the standpoint of budget and affordability. If you are paying cash, you will want to control what you spend so your home purchase fits your financial portfolio appropriately. If you get a loan you want to make sure that your payments aren’t going to bankrupt, you. Your lender will share this sentiment.
When you are comfortable with the financial aspect of the home, and you pull the trigger on buying a home, what motivates you to action? Generally speaking, you are likely to be wanting to own a home rather than being susceptible to the circumstances of renting, i.e., rent increases and having to move at the whim of the owner. In addition to those stability factors, you get tax benefits, can profit from improvements that you make to the property, and have the potential to enjoy a profit on your investment due to appreciation.
Specific considerations can actually control the ultimate decision. These will be specific features or aspects of the property that are conducive to living the lifestyle you envision in a home that you own. If you do woodworking or automotive work as a hobby a shop area or building becomes important. Is there one in place, or are you able to build one after you purchase that will suit your wants and needs? Are you looking for a large quilting/sewing room or area? Is there one or can you modify an area to accommodate that need?
True cooks spend time in their kitchen and what they plate becomes their art. While the artist needs a studio within which to work, the cook needs the kitchen and supporting features, i.e., pantry, easy access to tools, etc. The appliances, the layout, the counter space and more can generate buying emotion far beyond other aspects of the transaction. After all, the kitchen will generate two to three meals a day every day you are home.
Agents often describe the kitchen in their listing as a “gourmet” kitchen. We aren’t sure if that means it has stainless appliances, six burner range instead of four or five, double oven, warming oven, etc. There are a lot of things that can enhance a kitchen these days but there are not standards for a gourmet kitchen that we know of. Usually such kitchens are spacious, pretty, have high end or higher quality appliances, and room within which to operate considering movement in the kitchen and counter space for production. The gourmet kitchen is an attractor and usually worth seeing to the serious cook.
Landscaping is important whether it be lush and labor intensive, or xeriscape and minimal maintenance. Having 220 power in the shop or garage will appeal to those needing/wanting to use powerful tools. Views provide great pleasure in Northern Nevada and their value is immeasurable. The overall condition of the home is a consideration if you don’t have the reserves to make remedy deficiencies. A new roof needed in three years can cost $15-20,000 these days, a substantial sum if you don’t have it in reserve. Paint, plumbing, carpeting, and other items can also create purchase pricing opportunities but at a cost.
Great room floorplans provide a different lifestyle than do formal compartmentalized rooms, but each has its share of aficionados. Do you entertain and if so, is it formal or casual? Do you barbecue and eat on the patio, or do you plate at the table with three glasses and five silverware items? How far is it to work? To schools? To places that you recreate at?
Take your lifestyle, match to location, identify the features that are important to you, and buy your home. These are the good old days. Buy and enjoy your home every day. Buy your home to suit your lifestyle. Identify your wants and needs and buy accordingly. It is a big investment that you will be living in for an extended period of time. Don’t compromise unless you are willing to compromise on your lifestyle to adapt to your new home.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. firstname.lastname@example.org.