Home Hunting
Beth and I recently renewed the lease on our house for another year. The goal is to buy a house around the time our lease is up next April, give or take a month or two.
As such, we figure with 12 months to go, now is the time to start looking into the process in detail. To that end, we're in the process of cleaning up our finances so we can get a smoking rate on a mortgage. We're making excellent progress there. I've discovered that this process is a launching point for learning about all kinds of stuff for which I hoped to remain blissfully ignorant until I die. Namely, all things financial. The trick seems to be to try and predict as best as we can the state of the market a year from now, and this in part ties into job data, inflation, and all other kinds of junk that bores the crap out of me. But we've crossed the Rubicon now - there's no unlearning this. :-) It's also led me down a side-path of looking at future projections for my 401(k) and Beth's own retirement stuff to make sure all that is in as good a shape as it can be right now.
Parallel to that effort, the other trick is figuring out which part of town we'd like to live in, and if we want a new or used house. The "location, location, location" maxim is important, but tricky. If you're buying a new home, you're essentially looking at living on the outskirts of town to get the most bang for your buck, something I suspect is true for most cities. So we'll have to decide if that's something we will be comfortable doing. Future freeway and shopping locations enter into the guessing game there too. I look back on what my parents did when they moved to Arizona back in '79. They bought a large house, presumably for a good price, in what was then the ass-edge of town in northern Scottsdale, surrounded by dirt roads. Now the area they're in is an absolutely fantastic location as the city has built up around them.
I figure 6-7 months from now, once the financial stuff is in shape, we'll start looking at used houses to get a feel for what's on the market and how they compare to new houses, and then figure out which we're most comfortable with. I suspect that going with a used house may be less stressful, at least during the buying process, since you have more control over the process as a buyer,. You also don't have to worry about making as many decisions as you would planning a new home - "what type of cabinets should we pick? brass or silver door knobs? should the doorbell play the koo-woo-koo-koo ditty from the McKenzie Brothers or something from KISS?"
I'd go with the McKenzie Brothers.