One house youre looking at has the wraparound porch youve fantasized about, but its on a high-traffic street. The condo you like has a doorman in the lobby (you can order online now!), but it has no dedicated parking. What to choose?
Its not every day that you buy a home and make decisions about the next three, five, or 10 years of your life. Since you cant exactly take a home on a test drive, how do you decide? That got us to thinking about real estate pros. When theyve seen practically everything on the market, how do they choose?
Four pros whove seen it all share their advice and their stories of hunting for just the right home.
Compromise for Your Priorities
Veteran real estate agent Nancy Farkas knew exactly what she wanted in her home: ranch style, three bedrooms, high ceilings. But you know what she bought? A two-story Colonial.
Huh?
For Farkas, an associate partner with Coldwell Banker Heritage REALTORS(R), in Dayton, Ohio, the homes location and price trumped style. I had a dog I had to go home and walk at noon, and the house was close [to work] and the right price, she says.
Her advice: Make sure your practical and functional priorities dont get lost in all the home buying hoo-ha (sparkling granite counters, new hardwood floors, a steam shower!). Remember, you can always add the hoo-ha, but you cant make a home fit all priorities, such as location and price.
Dig Into the Details (Dull, Yes, But Worth It!)
When Grigory Pekarsky, co-owner and managing broker with Vesta Preferred Real Estate in Chicago, was looking for his first home, one of his priorities was to minimize his maintenance costs. He made sure to find out if the house had a newer roof, good siding, and a newer furnace. But he recommends you go even deeper to uncover a homes not-so-obvious maintenance costs:
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Scope out the sewer line -- especially if youre interested in an older home -- to make sure there arent any tree branches or other debris clogging up the works. Otherwise, you might find some nasty sludge in the basement.
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Look at the trees. How mature are they? Roots from older trees can invade the sewer line; untrimmed branches can pummel your gutters during storms.
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Know whats not covered by homeowners insurance. I learned seepage isnt covered. Shame on me, he says.
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Ask how old the appliances are. You might need to budget for something new in a few years. Sellers are only required to fix what the inspector finds is broken; theyre not going to upgrade working appliances for you.
Seek a House That Matches Your Lifestyle
Having lived the high-rise apartment life as a renter, Pekarsky knew a single-family home was just what he wanted. He was tired of living in a relatively small space with no yard. He wanted a house he could grow into in the next three to five years. That meant multiple bedrooms and bathrooms for the family he plans on having. So what he bought -- a three-story, single-family with a finished attic bedroom (shown below) on Chicagos North Side -- suits his lifestyle perfectly.
In addition, you get the biggest value from owning the land, he says. In a single-family [home], people arent telling you what to do with the investment.
On the other hand, Matt Difanis wished hed bought a condo when he bought his first home, a small bungalow ranch in a charming, historic neighborhood in Champaign, Ill. It was first-home love -- until it rained.
If I didnt clean out the gutters before every rainstorm, the basement would leak, says the broker-owner of RE/MAX Realty Associates in Champaign. He didnt realize that taking care of a single-family home wouldnt be his cup of tea. I should have opted for a condo without gutters to clean and a lawn to mow, he says.
Agent Amy Smythe Harris of Urban Provision REALTORS(R), in Woodland, Texas, bought a home with a sizable downstairs suite her parents could use now (and she could use years from now). She says her millennial clients arent forward-thinking about their lifestyles. Some are childless and say they dont care about schools, pools, and tennis courts. Then they become parents a few years later and have to move.
Once they have kids, the first question [they] ask is about school districts, and the second is about where the parks and pools are, she says.
The pros bottom-line advice: Think of your lifestyle preferences and how those might change in the next few years. After all, the typical homeowner lives in a house for a median of 10 years before selling, NATIONAL ASSOCIATION OF REALTORS(R) data shows.
Look at the House Through the Lens of Resale
All the real estate pros we talked to -- no surprise here -- emphasized resale. Take appraiser Michelle C. Bradley of Czekalski Real Estate Inc. in Natrona Heights, Pa. When she built her current home -- a 2,200-square-foot ranch -- she included a full, unfinished basement, even though she has no use for one and rarely ventures into it.
Why would she do that? Because basements are standard in her southwest Pennsylvania market. But Bradleys not going to finish the basement until shes ready to sell. That way, she avoids having to clean it and ensures shell install the most fashionable bathroom fixtures at sell time.
Her advice: Dont buy or build something unique that you cant resell. If youre not in an area with log homes, dont choose a log home. If youre not in an area with dome homes, dont choose a dome home.
Likewise, If you buy a home priced higher than average for the area, itll be difficult to resell at a higher price.dont buy a home thats not in line with the neighborhoods average price . When you go to resell, youll find yourself in an uphill battle to maintain your higher price.
Other advice from the pros: Watch out for unfixable flaws that could affect resale, like:
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Whats next to the home, such as vacant land that could be developed, high-traffic businesses, noisy power generation stations, a cell tower, etc.
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Lot issues, such as a steep driveway that could double as a ski slope in winter, or a sloped yard that sends water special delivery to your foundation.
Of course, a home isnt just about resale. Its just one factor to consider. Remember the first point: Be willing to compromise for your priorities. If the home meets your priorities and youre going to stay there awhile, then resale might be where you compromise.
Christina Hoffmann also contributed to this story.
Dona DeZube has been writing about real estate for more than two decades. She lives in a suburban Baltimore Midcentury modest home on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer and her blue-tick hound.
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