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Defining Your Goals and Objectives: Locating the perfect home for you family begins with well defined goals and objectives. The more narrowly you define your ultimate scenario the easier it will be to locate the perfect property. My best advice about defining your goals and objectives is to approach it as a business process. This is very difficult, but if you integrate a quantitative methodology to the process you will make a better home buying decision. I have listed below some of the questions you should ask yourself as you begin to quantify you goals and objectives.
1.How long do you expect to live in this home.
2.What is the ideal number and description of rooms?
3.What is the minimum number of heated square footage I need?
4.What is my ideal price range?
5.How important is resale? What is the likelihood that I will be transferred?
6.What is the longest acceptable commute?
7.What is the probability that my family will grow while I live in the home? (i.e. Children, Elderly Parents or Inlaws).
When you have answered these questions and weighted their importance, it's time to put your goals and objectives to paper. Write down each criteria in the order of most important to least important. Now it's time to find the geographical area most likely to provide you with the perfect home. You will often hear Location, Location, and Location, when there is a discussion of real estate, and it's true. Purchasing the right home means purchasing the right home in the right location.
Function vs Square Footage: Determining the size and location of the rooms in your next home is a critical factor in your future quality of life. Determine the number and location of the rooms you want in your new home. Do you want a one, two, or three story home. Master bedroom on the first floor or the second floor? Where is the best place for the home office and will you need any additional square footage in the future.
Lot Size: Determining the ideal size of the lot your home is on is a challenging question. Most home buyer's want a larger lot but the more inventory that is delivered by production builders, the more likely the lot is to be 1/4 to 1/3 of an acre. Here's a resale tip. Home buyers will compromise on a house for lot but will not compromise on a lot for a house.
The Right Price: Determining the price you want to pay for your new home requires knowing the numbers. What are the numbers? There are many. What payment can I expect? What are How much are my closing costs? How much cash do I need to close? and the big question, How much will the seller negotiate?