Questions to Ask Yourself Before Buying a Home

February 18, 2015 1:10 pm

It’s quite likely that buying a home is the biggest investment you’ll make, and making the right choices can seem daunting.

We’ve helped hundreds of families around OKC move into their dream homes, and walking families through the process of building a custom home has given us a clear understanding of what they need when they’re making their decision.

We recommend asking three questions before plotting your home-buying course.

Should we build or buy?

If you’ve cast your eye around the local listings and found your dream home, this can be a fairly straight-forward question. It’s more likely, though, that your family has specific needs and wants related to your family size, lifestyle, and future plans.

Buying an existing home has its pros, largely convenience: find the home you want, and make your offer. You’ll have the usual inspections and closing, but when those are done, your home is immediately ready to move into. The disadvantages are a lack of flexibility, and the added costs of repairing or remodeling the home to fit your family.

New home construction affords you the ability to choose your lot, choose your features, and customize your home to your life. New homes tend to be more energy efficient, and come with the latest in technology and building materials.

How do we spend our time?

If your family is active, spending time outside in your neighborhood, or playing the backyard with your dog, your focus might not be on finding a home with the latest and greatest media room. Conversely, if your family’s life centers around time spent in the kitchen, your priority might be outfitting that space with the very best upgrades.

Knowing how your family likes to spend time can help you find the perfect space for your activities, not just in your home, but in the neighborhood you choose. Neighborhood amenities vary, though the number of common spaces, public pools and splash pads, and walkable paths is on the rise in most new developments.

What are our plans?

This can be a tough question to answer. It’s not always easy to know if your family will expand, or whether your career will prompt relocation. But having a sense of your short- and long-term family plans can guide your home-buying decisions.

Conventional wisdom has long held that in order to benefit from your home’s appreciation, you need to stay in the home from three to five years, so even just establishing a short-term plan can be to your benefit.