Like many Americans, my career has moved me across the country. I have purchased five homes in my life and with each purchase I have learned many lessons along the way. A home is certainly an investment, but it's also where you seek refuge after work and where you spend most of your personal time. When I was faced with another career move and another home purchase, I was on a mission to stay within my budget, find a location close to work, find a house that I could call home, and choose features wisely.
1. Staying Within my Budget: In the past, I was paying a monthly mortgage which consumed more than 30% of my salary. The problem was, the maintenance of the house also cost money and I didn't figure this into the equation. Cash flow definitely became a problem month to month. I vowed that my future mortgage payment would be less than 25% of my monthly income.
2. Find a Location Close to Work: Prior to this move, I was spending approximately one hour commuting to work. The two hour ritual, to and from, was not only stressful, it was taking time away from my personal life. In a week this accounted for ten hours a week (40 hours a month!). By finding a home within 10 miles of where I worked, I would have more time to enjoy my life away from work.
3. Find a House that I Could Call Home: Before looking for a home, I listed the criteria that the house must absolutely have before I would view it: the mortgage payment had to be within 25% of my salary, the location within 10 miles from work, a minimum of three bedrooms and two bathrooms, and a single family home that was less than ten years old.
4. Choose Features Wisely: Once I had ten homes that matched the criteria, I created a wish list of luxury items I wanted which included: a fireplace, a fenced yard, wood floors, a washer/dryer on the same floor as the master bedroom, and a two car garage. Within two weeks, I found the perfect home which satisfied everything on my list!
You can overcome the drudgery of house hunting by being very clear about what you're looking for before you start the process. By determining what a realistic housing budget is for you, what an acceptable commute to work is, clarifying what a home means to you and what amenities will make this house a home that you can enjoy for years to come, you will be a much happier homeowner.
By:Kimberly A. Griffiths
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