How to Decide Which Home is Right for You
Buying a home takes planning and foresight. Most people don’t usually buy a home on a whim. They take into consideration what they want to get out of the home. But there are many factors to think about when buying a home, especially when you’re trying to ensure that you’re picking the right size home for you and your family. If you’re about to start the search for your perfect Orange County home, here are some things you should consider when choosing the right size home.
Factors to Consider When Rightsizing Your Next Home Purchase
Single-Family Home vs Condo
There are benefits to owning both a single-family home and a condo depending on what you’re looking for when rightsizing your next space. Single-family homes have 4 walls so you’re going to have much more privacy than if you lived in a condo where there are shared walls. They are larger than condos in square footage and generally have front and back yards of some sort. But with that also comes the difference in financial responsibility. A larger home means not only a higher purchase price, but more in property tax and insurance as well. You’re also responsible for maintaining your yard and landscaping.
With a condo, the HOA takes care of the common spaces. Your place will be smaller, but it will be much easier to maintain. When you live in a condo, you live in a community. So, if you have a social family or desire to be near more people, a condo may be the right fit for you. But you do have to abide by the rules set forth by the HOA. This can impact your ability to make home improvements, among other things. Both a single-family home and a condo are great investments, so you need to decide what is important to you before making your decision.
Turn Key or Fixer Upper?
Some people buy homes for what they are, and others buy them for what they can become. When you’re rightsizing your home, you’re going to need to think about what your vision for your home is. Are you the type that wants to remodel eventually or do you want to leave it as is? If you want a project home, you’re going to put a lot more money into the home over the long-term. But with that comes great reward. Home improvements can earn you much more when you go to sell your home in the future.
If you’re in the later seasons of life, you’re probably not going to want to buy a home that’s going to take years to get where you want it to get. If you’re younger, you may enjoy improving the home over time. Determine how much work you want to put into the property you’re purchasing, and it will make the decision much easier when the time comes.
Are You Planning for the Short-Term or Long Term?
Another thing you want to consider when rightsizing your home is how long you’re going to want to stay there. If this is going to be your last home purchase, your thought process is going to be different than someone who is buying a starter home. Young couples often start out in condos and upgrade to homes when they start their families. Established families tend to gravitate toward single-family homes from the start. Retirees often look for community living. Whatever your situation, think about how long you see yourself in your next home and that will help guide you in your decision-making process.
Find the Perfect Home in Orange County
With more than 20 years of experience, Rosemary Hieber has helped many families, retirees and working professionals right size their living spaces throughout Orange County. If you’re looking to right size your home, contact Rosemary today. As the premier real estate agent in Ladera Ranch, she will get you into the perfect home for your needs. Contact her today to start searching for your new Orange County home.
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